Wave Analysis:
Since May 24th of this year, euro gaped above the resistance zone 1.08649, euro has been in a consntant up trend rising with over 1000pips. During this uptrend, there has not been a proper retracement, infact, for every slight bearish retarcement has been countered with aa bullish engulfing candle. We expect the level 1.1867 to have marked the end of the impulsive wave (v), that the current bearish price rally is the unfolding of a corrective three wave cycle seeking to correct the previous five wave cycle. This correction, however, must not go beyond 1.08649 where we’ll be expecting a possible rebound to long euro. In the meantime, we’re waiting for a break below 1.16327 to short euro with a target at 1.08649. This pair should be traded alongside GBPUSD and AUDUSD.
Trade Recommenations:
Wait and sell euro below 1.1627 with an ideal target at 1.08649.
Origin: FreshForex
