EURUSD hits 1.1180/90 today and pulls back sharply. We present the alternate scenario today (please view the chart within the rectangle box). The drop from 1.1500 through 1.0636 could be Wave 1. Subsequent structure looks corrective (all 3 waves), labelled as A-B-C, towards 1.1180/90 today, Wave 2 on the chart. If the above is correct, EURUSD might have just completed a down gartley and could reverse sharply lower. The former count of a Wave 3 higher also remains possible but a corrective drop should be due. Either way, EURUSD could be at a crossroad and could surprise many traders out there. We change our stance from aggressive long to neutral for now.
Strategy:
Neutral. Preparing to sell.
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:
Neutral. Preparing to sell.
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.