Wave Analysis:
Even after a sharp drop seen last trading day, euro failed to go below the support trend line. We expect this trend line to have marked the end of the corrective wave (4) that the current bullish price rally is the continuation of the impulsive wave (5) to the upper side but should not go beyond 1.20. If 1.20 is violated, then I expect another rise towards 1.21 or even 1.22. This pair should be traded alongside GBPUSD, NZDUSD, AUDUSD and GBPAUD. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Remain long with an ideal target at 1.21
Origin: FreshForex
