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EURUSD on the verge of taking out 1.1780 support

EURUSD on the verge of taking out 1.1780 support

EURUSD is trading around 1.1886 as we write this update and is extremely close to taking out 1.1780 support. This falls in line with our earlier projections for a meaningful top in place at 1.1965. The currency should pullback sharply thereafter and proceed to produce a counter trend rally possibly through 1.1880 mark. The waves could be now defined as Wave 1 (around 1.1780), which could be followed by a corrective rally towards 1.1880, potential Wave 2. If the above proposed wave structure is correct, we are going to witness a Wave 3 drop soon.

Remain short, stop @ 1.1970, target is open.

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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