EURUSD might have found support around 1.1240 today. The currency was pulling back from 1.1350 highs and the drop looks corrective for now. A rally past 1.1300 would confirm a meaningful bottom in place at 1.1240. Alternately, an impulse drop from 1.1350 would change the structure and we might consider reversing our positions. For now, we favor a bullish count, which targets above 1.1500, going further. EURUSD had rallied from 1.0636 through 1.1150 as an impulse, Wave 1 on the chart here. The subsequent drop unfolded as a potential triangle, which got terminated around 1.0775, Wave 2 on the chart here. Since then, Wave 3 has been unfolding towards 1.1500 resistance. A failure to break above 1.1500 would change the structure for the medium term.
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.