Wave Analysis
During the previous trading day, euro traded above the supportive zone 1.1733-1.1713 and could not break below. We’re waiting for a clear break below this short term support zone to re-sell the impulsive wave (c) towards 1.1626. If you’re a bit skeptic to short this pair even after the break, you could wait for the corrective wave (b) to end around the just broken level to sell the impulsive wave (c) with an ideal target at 1.1502. While you’l be looking to short this pair, check other positively correlated pairs such as GBPUSD, NZDUSD, and AUDUSD for similar positions. Unless the last two positions are giving you the same signal, avoid trading this pair temporarily.
Trade Recommendations:
Wait for a break below 1.1733-1.1713 to short euro with an ideal target at 1.1502
Origin: FreshForex
