The 4H chart for EURUSD has been displayed here to have a lower degree wave count. As discussed yesterday, if the proposed ending diagonal count for (5) th wave holds to be true, prices should ideally stay above 1.1172 levels going forward. Please also note that a lower degree wave count (1H) might have unfolded into an impulse from 1.1216 levels. If this holds to be true, any corrective drop now, should ideally hold above 1.1216 levels and bulls could be targeting 1.1500 levels which is immediate price resistance. As an alternate, if prices drops below 1.1172 levels, the proposed ending diagonal structure could be void and bears could remain further in control. An aggressive trading strategy could be to initiate longs now, against 1.1216 levels; while a more conservative strategy could be to stay aside until 1.1500 levels break.
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This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.