Wave Analysis
EURUSD has been in an uptrend and is currently in the process of correcting the previous impulsive five – wave cycle. Currently we are in the impulsive wave (c) which is expected to continue downwards towards 1.1220. As long as we are below 1.1873 we should be looking to sell this pair with our target at the next support zone at 1.1120. This trade could be invalidated only if price gaps or breaks above 1.1873. If you are reluctant to sell now, you could wait for price to break below 1.1680 and re- sell with you take profit at 1.1120. Trade this pair alongside NZDUSD and AUDUSD since they have a strong positive correlation hence they could be moving in the same direction.
Trade Recommendations
Sell EURUSD with target at 1.1120.
Origin: FreshForex
