EURUSD might have taken most traders by surprise with a strong rally towards 1.1365 levels. The currency had since pulled back and might have carved an impulse at a lower degree, trades around 1.1320/25 for now. An short lived counter trend rally could on cards now, before the drop resumes towards 1.1000 and lower. The structure since 1.1167 until 1.1365 could be complex corrective wave. Also note that EURUSD has produced a bearish bounce from fibonacci 0.786 retracement of the drop between 1.1420 and 1.1167 respectively. Whether or not EURUSD continues to drop towards fresh lows, we can expect a corrective wave towards 1.1000 at least.
Strategy:
Short against 1.1420, targeting below 1.1000 for the short term.
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 below 1.1000 for the short term.
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.