Wave Analysis:
The impulsive wave (c), last wave of the corrective three wave cycle, is yet to pick a momentum to the lower side. We’re waiting for a minor pullback to the upper side to short this pair at the least risk possible. That is, we’re waiting for a rise towards the short term resistance level 1.1680, then a rebound to short this pair with an ultimate target at 1.1120. If the price should violated this level, then further rise towards 1.1873 is expected, where we’ll be looking to resell the impulsive wave (c) at the least risk possible. This pair should be traded alongside CADJPY, CHFJPY,. NZDJPY and USDJPY. These pairs have a strong negative correlation with the euro and will move in opposite directions today.
Trade Recommendations:
Sell euro around 1.1680 with your target at 1.1120.
Origin: FreshForex
