he EURUSD pair has been dropping since March 27, 2018, after having produced a lower top at 1.2476 levels discussed earlier. Those positional traders who went short on our earlier suggestion should prepare to take some profits off the table around 1.2050/90 levels. The pair is almost there and a potential counter-trend rally may be on cards any moment now. For short-term aggressive traders, a counter-trend long strategy could be recommended. Please watch out for support and reversal around 1.2090 levels from here. In terms of wave counts as well, the 3rd wave of an intermediate degree should be nearing completion around the Fibonacci 0.382 extension at 1.2090 as shown here. Please note it is possible for the 3rd wave to exceed through above levels as well, in that case, 1.2050 levels would come into play. To simplify, EURUSD is going to remain a great chart to sell on rallies going forward.
Trading plan:
Aggressive traders might look to go long around 1.2090 levels with tight risk and target 1.2270 levels at least. A more conservative approach is to remain flat and sell again around 1.2270/1.2300 levels.
Fundamental outlook:
Watch out for German unemployment claims rate at 03:55 AM EST today.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical Outlook:
he EURUSD pair has been dropping since March 27, 2018, after having produced a lower top at 1.2476 levels discussed earlier. Those positional traders who went short on our earlier suggestion should prepare to take some profits off the table around 1.2050/90 levels. The pair is almost there and a potential counter-trend rally may be on cards any moment now. For short-term aggressive traders, a counter-trend long strategy could be recommended. Please watch out for support and reversal around 1.2090 levels from here. In terms of wave counts as well, the 3rd wave of an intermediate degree should be nearing completion around the Fibonacci 0.382 extension at 1.2090 as shown here. Please note it is possible for the 3rd wave to exceed through above levels as well, in that case, 1.2050 levels would come into play. To simplify, EURUSD is going to remain a great chart to sell on rallies going forward.
Trading plan:
Aggressive traders might look to go long around 1.2090 levels with tight risk and target 1.2270 levels at least. A more conservative approach is to remain flat and sell again around 1.2270/1.2300 levels.
Fundamental outlook:
Watch out for German unemployment claims rate at 03:55 AM EST today.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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