Wave Analysis:
During the previous trading day, euro went above the upper trend line but is currently around a key resistance level 1.18286. As long as the price remains below this level, we expect this level to have marked the end of the corrective wave (D), that the expected bearish price rally is the continuation of the impulsive wave (E) to the lower side but should not go beyond 1.16 by the close of this trading day. This pair should be traded alongside GBPUSD, NZDUSD, AUDUSD, EURHKD and EURAUD. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible short order around 1.18286 with your target at 1.16
Origin: FreshForex
