EURUSD finally pullback after hitting just above the 1.1000 handle. We have been patiently waiting for EURUSD to correct lower towards 1.0860/70 levels, to initiate long positions again and ride the trend as 3rd of 3rd wave higher. The currency pair is seen to be trading below 1.0900 handle as we write this article and is expected to drift lower towards 1.0860, which is fibonacci 0.618 retracement of the recent upswing. A bullish bounce here should trigger the next rally towards 1.1500 levels. Structurally, EURUSD had earlier rallied from 1.0636 through 1.1150, Wave 1 on the chart. Wave 2 unfolded as an expanded triangle structure and terminated around 1.0766 levels. Since then, Wave 3 might be underway towards 1.1500 and higher. We need to see a break above 1.1150 levels to accelerate further.
Strategy:
Long against 1.0630, targeting above 1.1500
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 above 1.1500
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.