EURUSD price action today has eliminated a triangle correction for Wave 2. It has dropped below 1.0768 by just 1 pip until now, and potential remains for a test of 1.0745 levels, which is fibonacci 0.786 retracement. Corrective waves reveal themselves when they are behind us and potential now remains for a flat (or combination) as Wave 2 still unfolds. Bottom line; the structure remains constructive for bulls until price stays above 1.0636 handle. Immediate resistance is at 1.0886 levels and a break higher would confirm that Wave 3 is underway towards 1.1500.
Strategy:
Long against 1.0636, 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 1.0636, 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.