EURUSD finds resistance around 1.1230 handle

3 июн. 2020 г.

EURUSD seems to have found intermediary resistance at 1.1227 handle today. The currency is pulling back sharply lower and is trading around 1.1190 as we write this article. We could witness at least a corrective drop towards 1.0950 levels in the next few trading sessions. The bullish scenario would remain intact until EURUSD stays above 1.0870 levels. A break lower would threaten to break below 1.0730 and consequently below 1.0636, going further. We still favor the Wave 3 count higher but always keep the alternate scenario in mind. For now, we have changed outlook to Neutral in the short term and shall review situation again towards 1.0940/50 handle. Overall, EURUSD remains buy on dips until prices stay above 1.0730 and 1.0636 levels.

Strategy:

Short term bearish towards 1.0940, stop above 1.2300.

Long term bullish towards 1.1500, stop at 1.0630

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