EURUSD had dropped further by a few more pips to 1.1167 last Friday, before turning bullish again. The currency pair might be on its way towards 1.1500 as wave v of 3 progresses. Immediate price resistance is 1.1250/60 and a break would be constructive for bulls. Structurally, EURUSD remains bullish until prices stay above 1.0775 (Wave 2 termination), and broadly above 1.0630 levels. Prices bounced off the vicinity of fibonacci 0.382 retracement of wave iii and also very close to an intermediary trend line support. We still favor EURUSD hitting resistance at 1.1500/1.1600 handle before producing any meaningful correction. Only a drop below 1.1000 and further would change the structure.
Strategy:
Long against 1.0630, targeting above 1.1500/1.1600
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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 above 1.1500/1.1600
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.