Wave Analysis:
During the previous trading day, the impulsive wave (c) stretched slightly to the lower side but is still above our first target set at 1.1673. During this trading day, we expect a possible extension to the lower side and should break below 1.1673 where we’ll be looking to resell the impulsive wave (c) with an ultimate target at 1.1120. On the daily chart attached, expect an extended downward rally and will break below 1.1120. This view can only be invalidated in case the price rebound from 1.1673, or break above 1.1895, if this is the case, then a rise towards 1.2071 is expected. This pair should be traded alongside EURAUD, EURHKD, EURSEK and EURSGD. These pairs have a strong positive correlation and will move in the same directio today.
Trade Recommendations:
We’re short with the first target 1.1673 and the next target at 1.1120
Origin: FreshForex
