EURUSD hits resistance around 1.1720/40 zone

30 ก.ย. 2020

EURUSD might have hit resistance around 1.1720/40 zone, as the currency traders at 1.1715 mark for now. The currency has hit fibonacci 0.50 retracement of the drop between 1.1875 and 1.1610 respectively. A continued drop from here and below 1.1610, might push through 1.1500 completing 5 waves lower from 1.2010 mark. It would complete the impulse wave, leaving room for a meaningful corrective rally. Alternately, a push through 1.1780/1.1800 remains possible, which would indicate Wave 3 is still in progress. Note that 1.1915 should hold for for now.

Remain short, stop @ 1.2010, 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.