Wave Analysis:
Eur continues to consolidate around 1.1862, instead of continuing short as previously forecasted. The zone around 1.1862 is a key area and as long as the price is within it, we choose to remain on the sidelines, any momentum to the upper side will push the price further upwards but should not go beyond 1.2095 where we’re waiting for sellers to come in. We expect this pair to trade within a tight range not going above 1.2095 or below 1.1655, a break out of this range will call for a trade depending on the direction of break. If the price breaks below 1.1655, then we expect a continuation of the previous corrective three wave cycle but should not go beyond 1.1120, while a momentum towards 1.2095 may result into a double top formation around this zone.
Trade Recommendation:
On the sidelines
Origin: FreshForex
