Stay 
Trading Conditions
Products
Tools
EURUSD slipped to the 1.0319 intraday low during the early Asian session on Wednesday before finding support. The single currency pair is seen to be trading above 1.0350 at this point in writing as traders await a breakout above the 1.0481 interim resistance. The near-term targets still remain at 1.0550 and 1.0600 before hitting strong resistance and turning lower.
EURUSD is progressing within its last wave higher towards the 1.0550-1.0600 area to complete its larger-degree corrective wave. The wave structure, which began from the 0.9535 lows, is expected to terminate at around the 1.0550-1.0600 levels as projected on the daily chart here. Also, note the Fibonacci 0.382 retracement of the earlier drop between 1.2266 and 0.9535 is passing through 1.0600.
A high probability remains for a turn lower if prices manage to reach the above-said zone. On the flip side, if prices drop below the 1.0222 interim support, prices could drift towards 0.9740, which is the next-in-line support. A turn from 1.0000 could possibly bring back the bulls in control and the instrument could resume higher towards 1.0550 and 1.0600 levels.
Potential rally towards 1.0550 against 0.9740, then lower
Good luck!
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
We may place cookies for analysis of our visitor data, to improve our website and measure advertising performance. Overall this data is used to provide a better website experience. More information
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of Instant Trading EU Ltd including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.
We are sorry for any inconvenience caused by this message.
