EURUSD extends its rally towards 1.1370/80 today. A potential wave count could be suggesting that a lower degree wave iii might be close to terminating or terminated at 1.1383 today. A break below 1.1325 would confirm that EURUSD is preparing to carve a lower degree wave iv towards 1.1185 as highlighted on the chart here. Please note that the alternate count has been removed as EURUSD clears above fibonacci 0.786 retracement of the previous drop. The currency pair remains a great candidate to be bought on dips towards 1.1180/85 as potential wave iv. The next leg could be wave v higher towards 1.1500 resistance, before EURUSD could produce a meaningful corrective drop. Also note that wave iv drop could be sharp as wave ii was a expanded flat. Watch out for a drop towards 1.1185 and rally thereafter.
Strategy:
Long against 1.0630, 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 1.0630, 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.