EURUSD intraday rally remains intact towards 1.1275/85 levels, before it finds resistance. The hourly chart presented here indicates the following: the drop from 1.1420 through 1.1167 is corrective a-b-c and could be complete. In that case a rally should unfold higher and EURUSD might print above 1.1420 mark. An an alternate count, the a-b-c drop could be a part of larger correction or a combination (w)-(x)-(y). If the latter is correct, EURUSD would retrace the recent drop between 1.1350 and 1.1167 and eventually turn lower again. In the short term we favor a rally towards 1.1275/85, against 1.1167 levels. We shall review again around 1.1275/80 to decide further course.
Long for now, stop @ 1.1167, target @ 1.1275/85 at least.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Long for now, stop @ 1.1167, target @ 1.1275/85 at least.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.