EURUSD is pushing lower towards 1.1180/1.1200 levels, potential lower degree wave iv, before resuming its rally. The medium term outlook remains intact towards 1.1500 resistance. The probable wave counts are as follows: Wave 1: EURUSD rally from 1.0636 through 1.1150; Wave 2: Triangle correction a-b-c-d-e terminating around 1.0775; Wave 3 in progress towards 1.1500. Within Wave 3, a lower degree wave iv is underway, and is expected to terminate around 1.1800/1.1200. The channel support and fibonacci 0.382 retracement of wave iii is also seen around 1.1200 handle. Once the corrective drop is complete, EURUSD should proceed towards 1.1500 as wave v of 3 unfolds. Overall, EURUSD remains broadly bullish against 1.0630 levels.
Strategy:
Long against 1.0630, targeting 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 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.