EURUSD had dropped to 1.1258 lows today, before pulling back higher. It is trading around 1.1293 for now and should be looking to stay below yesterday's high at 1.1345, going forward. Structurally, EURO has dropped from 1.1345 through 1.1258, in 3 waves until now. We need to wait for an 5 wave drop to confirm a bearish reversal. Overall, wave counts are suggesting a bearish probability towards 1.0755 as highlighted on the chart today. For the above structure to remain intact, EURUSD must stay below 1.1400 resistance. For the short term at least, we favor a bearish structure until prices stay below 1.1400. Alternately, a break higher would challenge the next major resistance around 1.1500.
Strategy:
Short against 1.1400, targeting towards 1.0636
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:
Short against 1.1400, targeting towards 1.0636
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.