EURUSD is breaking below the immediate trend line and trading close to 1.1205 at the moment. The wave structure clears as Waves 1, 2 and 3 complete from 1.0636 lows for now. It could be labelled as a potential a-b-c as well since EURUSD has rallied in 3 waves until now. The currency has to break above 1.1422 to turn bullish again as we change our stance from bullish to bearish at least for the short term. If EURUSD bounces back ahead of the 1.1000 handle, chances for a resumption of rally remains. We favor EURUSD to remain sell on rallies case until below 1.1422.
Strategy:
Short against 1.1422, targeting below 1.0636.
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:
Short against 1.1422, targeting below 1.0636.
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.