Wave Analysis:
EUR/USD is currently trading with a bearish bias. For the past four business days, Euro has traded perfectly short and is still pretty much bearish. Following the breakout below 1.1193, we will hold on to our short positions but with our ideal target at 1.4056. However, should the pair retrace to the upperside and end up closing within the rising trendline, then we will be keen to buy this pair with our target at 1.1323. Euro should be traded alongside Pound Dollar. These pairs have a strong positive correlation of up to +0.86 and will likely have a similar price action during this intraday. Only buy or sell Euro if GBP/USD is giving the same signal.
Trade Recommendation
Wait for minor upward pullback towards 1.1193 or even further to 1.1225, then sell the pair with your ideal target at 1.1028
Origin: FreshForex
