EURUSD has found interim support at 1.1200 mark it seems. The currency pair could produce a sharp intraday rally towards 1.1280/90 levels before reversing lower again. Probability also remains for a test of 1.1348 levels before finally giving in to bears. The wave structure could be as follows: The drop from 1.1422 through 1.1167 as Wave A, the rally from 1.1167 towards 1.1348 as Wave B or the another high above 1.1348 as Wave B. If the above counts hold, we might see a rally towards at least 1.1280/90 or 1.1348 before EURUSD reverses lower again. Overall EURUSD looking bearish below 1.1422.
Short on rallies, stop @ 1.1422, target @ below 1.1167
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.
Short on rallies, stop @ 1.1422, target @ below 1.1167
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.