Wave Analysis
EUR/USD is currently trading with a bearish bias. Yesterday, The pair retraced to the upper side but could not close above the resistance level 1.1291. We expect this resistance level to mark the end of wave (b), that the current downward rally is the unfolding of wave (c) but should not close below 1.1142. Ideally, the anticipated downward rally should be the correction of the massively upward rally witnessed during this month’s NFP results release. This pair should be traded alongside NZD/USD, AUD/USD GBP/USD and EUR/JPY. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.
Trade Recommendations:
Remains Short with your target at 1.1142. This recommendation remains valid as long as the pair trades below 1.1291, a break above this resistance level will call for long positions with an ideal target at 1.14035.
Origin: FreshForex
