Wave Analysis:
During the previous trading day, Eur dropped and is still pretty much bearish both on the daily and the weekly charts. We’re still short, and we expect the impulsive wave (c) to extend to the lower side and should breakout below 1.1673 with an ultimate target at 1.1120. On the daily chart above, it looks pretty nice to pick a short position now with an ultimate target said before. The anticipated bearish price rally is the continuation of the impulsive wave (c), and may break below 1.1120. This view can only be invalidated in case the price break above 1.2071, if this is the case, then an acceleration towards 1.30 is the next ideal move. This pair should be traded alongside EURHKD, EURSEK and EURSGD. These pairs will have a similar price action today.
Trade Recommendations:
Expect a possible bearish price rally towards 1.1673 or even lower.
Origin: FreshForex
