EURUSD bottom seen towards 1.1180/1.1200 before reversing
EURUSD continues to carve lower degree wave iv and is expected to find support near 1.1200 handle. A wave v rally should be underway towards 1.1500 thereafter, to terminate Wave 3. Only if EURUSD slips below 1.1000 handle and further, should the above bullish structure change. At the moment, we favor a Wave 3 rally higher towards 1.1500 before carving a meaningful top. EURUSD had earlier rallied from 1.0636 through 1.1150, Wave 1 on the chart. The subsequent sideways triangle consolidation could be labelled as Wave 2, terminated around 1.0775. Since then, Wave 3 has been progressing higher towards 1.1500 at least. Ideally, EURUSD remains bullish until prices stay above 1.0775 support.
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.