Wave Analysis:
The corrective wave (b) continues to rally around the daily resistance level 1.1945, and should not break above it. As long as the price is contained within this zone, we expect a possible rebound from this zone to short the impulsive wave (c) with our first target at 1.1655, and the next target at 1.1120, should the price break above 1.1945, then we’ll wait for a break above 1.2071 to confirm the continuation of an upward rally towards 1.30. This pair should be traded alongside AUDUSD, GBPUSD and GBPAUD. These pairs have a strong positive correlation of up to +60% and will move in the same direction during this trading day. Only buy or sell euro if the other positively correlated pairs are giving the same signal.
Trade Recommendation:
Wait for a clear sell signal around 1.1945 with your first target at 1.1655 and the next at 1.1120
Origin: FreshForex
