Wave Analysis:
During the previous trading day, instead of continuing short as previously forecasted, we saw a corrective rally to the upper side but is still below our turn around level 1.1862. Today, we expect further corrections to the upper side with an ultimate target at 1.1862, where we’ll be looking to sell the impulsive wave (c) with the first target at 1.1655 and the next target at 1.1120. On the daily chart above, its good to remain long with an ultimate target at 1.1862. This view can only be invalidated in case the anticipated correction goes above 1.1862, if this is the case, then further rise towards 1.2095 is expected. This pair should be traded alongside EURAUD, GBPAUD, NZDUSD, and AUDUSD. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendations:
Sell euro around 1.1862 with your first target at 1.1655 and the next at 1.1120
Origin: FreshForex
