EURUSD had rallied closed to 1.1000 handle yesterday, before pulling back lower again. It is carving a lower degree wave iv at the moment, and is expected to terminate around 1.0945/50 before resuming higher again. The next short term target should be expected towards 1.1030 levels, could be achieved intraday. The overall wave structure remains constructive for bulls until EURUSD continues to trade above 1.0630. Wave 1 was an impulse between 1.0636 and 1.1150, followed by a Wave 2 triangle that terminated around 1.0775 respectively. Mosh probably, EURUSD is pushing higher in Wave 3 since then, and is expected to reach up to 1.1500 resistance. At the moment, lower degree waves are unfolding, and 3rd of 3rd wave could be extended.
Strategy:
Long against 1.0630, targeting 1.1500 and higher.
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 and higher.
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.