The euro dropped to anticipated levels yesterday, in a corrective wave, as presented. Still looking at the counts for lower degree wave c, it remains a possibility that EUR/USD drop below 1.0987 will be followed by a further rally. The structure has been represented as an A-B-C correction higher for now, unless a change is witnessed. Immediate price resistance remains at 1.1165, followed by 1.1250 respectively and a break above that would probably indicate that a meaningful bottom has been in place. As for a trading strategy, it is a good idea to initiate longs at the current price of 1.1015 and also add further if prices manage to print a low below 1.0987 levels with risk at 1.0910 respectively. Prices have already bounced off the fibonacci 0.618 support, but chances of yet another shallow lows remain.
Remain long from now and add further at 1.0980, stop below 1.0922, target at 1.1140 and 1.1180
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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