EURUSD carves an interim resistance around 1.1340/50
EURUSD had reversed from 1.1340 yesterday but still needs to break below 1.1220 to confirm that bears are in control. EURO traders around 1.1290 levels for now and might be carving a triangle consolidation before breaking below 1.1258. The short term/intraday target for EURUSD is seen towards 1.1230/35 levels. The potential wave counts on hourly charts are as follows: The drop from 1.1420 through 1.1167 could be Wave 1/A and subsequent rally towards 1.1350 could be Wave 2/B. If the above is correct, EURUSD should stay below 1.1350 mark and break below 1.1167, going forward. Potential targets are below 1.0930 in the next few trading sessions.
Remain short, stop @ 1.1400 and target @ 1.0930, 1.0775.
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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.
Remain short, stop @ 1.1400 and target @ 1.0930, 1.0775.
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.
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