EURUSD had rallied through 1.1374 yesterday before finding resistance. Structurally, the currency has said to have re-tested the fibonacci 0,786 retracement of the previous drop between 1.1420 through 1.1167 respectively. Potential wave counts still remain as discussed earlier; Wave 1 and 2 potentially in place at 1.1167 and 1.1374. These are not labelled here for now. A drop below 1.1250 would certainly confirm that a meaningful top is in place at 1.1374. If not a drop below 1.0636, EURUSD could at least produce a gartley towards 1.1000.
Strategy:
Short against 1.1420, targeting 1.1000 and beyond.
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 1.1420, targeting 1.1000 and beyond.
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.