Wave Analysis:
During the previous trading day, euro opened at 1.1796, went as high as 1.1860 and as low as 1.1784 but ended up closing at 1.1790 just a few pips below its opening price. The previous day’s candle is a perfect bearish candle and could mean we’re going short. However, the ideal place to sell this pair is around 1.1862. If the price can correct itself further upwards, then we recommend selling this pair around 1.1862. The anticipated sell position is the continuation of the impulsive wave (c) to the lowerside and should breakout below 1.1675 with the next target at 1.1120. This pair should be traded alongside GBPUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation and will move in the same direction.
Trade Recommendation:
Sell euro around 1.1862 with your first target at 1.1675 and the next target at 1.1120
Origin: FreshForex
