EURUSD seems to have carved a meaningful bottom @ 1.0636. The rally towards 1.1150 could be Wave 1, which was followed by a corrective drop, terminating around 1.0760/70 yesterday. Wave 2 has found support just around the fibonacci 0.618 retracement of Wave 1 and produced an engulfing bullish pattern. The above wave structure should be constructive for bulls, until prices stay above 1.0636.
Strategy:
Long against 1.0636 and targeting 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 1.0636 and targeting 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
