Wave Analysis:
Despite the bearish engulfing candle seen last trading week on 3rd, euro is yet to make any significant movements to the upper side, instead, this pair continues to correct itself upwards but is currently facing a key resistance level 1.1675. As long as this level shields the upper side, we expect a massive drop in price. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side but should not go beyond 1.1120. where we expect a possible demand. This pair should be traded alongside GBPUSD, AUDUSD and NZDUSD. These pairs have a strong positive correlation and will move in the same direction.
Trade Recommendations:
Sell euro around 1.1675 with an ultimate target at 1.1120
Origin: FreshForex
