EUR/USD Correction Complete, Next Targets Identified
The EUR/USD pair appears to have completed its recent correction, which began on Friday, August 23. After reaching a high of 1.12, the price retraced just over 50% of the bull leg that started from 1.0882 on August 28.
The uptrend is expected to continue as long as the price stays above Tuesday’s low of 1.1025. Traders will likely view dips to the 1.1062-1.1025 range favourably, as the risk-reward ratio favours the upside here. Immediate resistance levels to watch are 1.1105, followed by 1.1138 and the key 1.12 level.
Remember that U.S. non-farm payroll data is due on Friday, which could increase volatility.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
The uptrend is expected to continue as long as the price stays above Tuesday’s low of 1.1025. Traders will likely view dips to the 1.1062-1.1025 range favourably, as the risk-reward ratio favours the upside here. Immediate resistance levels to watch are 1.1105, followed by 1.1138 and the key 1.12 level.
Remember that U.S. non-farm payroll data is due on Friday, which could increase volatility.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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