EURUSD breaks above initial resistance at 1.1250/60 yesterday and confirms a meaningful bottom in place at 1.1167 handle. The currency should be heading towards 1.1500 resistance in the next few trading sessions. Bottom line: prices should hold above 1.1167 lows. The short term wave counts are as follows: Wave 3 has been unfolding since 1.0775 lows. The sub waves are also clear as waves i, ii, iii and iv seems to be in place now as labelled on the charts. Wave v seems to be underway since 1.1167 lows, towards 1.1500 resistance. We can expect corrective drops, but prices should stay above 1.1167, ideally. Once the resistance is taken out at 1.1500, we can expect a meaningful corrective drop.
Strategy:
Long against 1.0630, targeting 1.1500. Stops can be moved to 1.1000.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Long against 1.0630, targeting 1.1500. Stops can be moved to 1.1000.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.