Wave Analysis:
Despite the bearish engulfing candle seen on 20th September this year, euro could not go below 1.18232, instead, this pair rebound from this level and is currently heading to the upper side. Although we’re likely to continue long with the impulsive wave (v), we still anticipate a possible corrective three wave cycle but should not go beyond the daily support level 1.17249; where we’ll be looking to rebuy euro at the least risk possible. This is from a corrective point of view, if the price goes above 1.20317, then an impulsive wave count towards 1.25 will be inevitable. This pair should be traded alongside GBPUSD, NZDUSD, AUDUSD, and GBPNZD. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Wait for a corrective wave count towards 1.17249 to buy this pair towards 1.25
