EURUSD prepares to correct lower towards 1.1180/1.1200
EURUSD might be carving an a-b-c lower towards 1.1180/1.1200 as potential wave iv, before resuming higher. Looking at the short term wave counts, the drop from 1.1384 through 1.1241 could be wave a. The sharp rally towards 1.1375 as wave b, and wave c is underway towards 1.1180 respectively. The structure would complete termination of wave iv and resume higher towards 1.1500 as wave v progresses. A consistent push beyond 1.1384 would confirm that a shallow wave iv was complete at 1.1241 and EURUSD is proceeding towards 1.1500 resistance. High probability remains for a drop lower towards 1.1240 before turning higher again. Structurally, EURUSD has carved Wave 1 between 1.0636 and 1.1150, followed by Wave 2 triangle termination at 1.0775 respectively. Since then, it is progressing in Wave 3 towards 1.1500 resistance.
Strategy:
Long against 1.0630, targeting towards 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 towards 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.