Wave Analysis:
The euro opened at 1,0579, went as high as 1.0619 but ended up closing at 1.0560, just a few pips below its previous day’s closing price. The Fridays candle is a possible bearish reversal candle and as long as the level 1.0573 protects any invasion to the upper side, we’re waiting for clear sell signals to go short with an ideal target at 1.0411. The anticipated downward rally is the continuation of the impulsive wave (3) and should be extensive in nature. This view can only be invalidated in case the pair end up above the previous day’s highest high, 1.0619. If this is the case, then an acceleration to the upper side is inevitable. This pair should be traded alongside USDCHF and HKDJPY. These pairs have a strong negative correlation to euro and will move in opposite price action during this intraday.
Trade Recommendations:
Expect a possible bearish wave count towards 1.0411
Origin: FreshForex
