Yesterday, euro pulled back upwards and is currently heading towards 1.20. We expect this upward rally to be a mere correction and should not go beyond the resistance level 1.2056. Ideally, we expect the previous bounce from this level to have marked a possible double top formation that any clear break below the neckline, 1.16297, will culminate into a possible bearish price movement but should not go beyond 1.1137. The anticipated bearish price rally merely the continuation of the impulsive wave (c). If you’re a bit skeptic to short euro now, you could wait and sell it below 1.1629 with your target at 1.1132.
Sell euro below 1.16329 towards 1.1120 or upon a rebound from 1.20