EURUSD continues to correct lower after hitting 1.1384 highs last Friday. The currency is moving in accordance to the expected corrective drop as a lower degree wave iv, before rally further. The Elliott Wave channel along with fibonacci 0.382 retracement of potential wave iii are converging around 1.1185/90, seen on the chart. If larger degree Wave 3 is progressing towards 1.1470/1.1500, EURUSD should stay above 1.1000 handle, wave i termination. Structurally, EURUSD had rallied from 1.0636 through 1.1150 as an impulse, Wave 1 on the chart. Wave 2 had unfolded as a triangle, terminating at 1.0775 handle. Since then, Wave 3 is in progress heading towards 1.1500 resistance.
Strategy:
Long against 1.0630, targeting beyond 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 beyond 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.