Technical Observation:
Yesterday, euro dropped massively hitting the lows of 1.2193 but ended up closing just a few pips below its opening price. The previous days candle is pretty much inside Monday’s candle, thus, we expect a possible momentum to the upper side. The anticipated bullish price movements is the continuation of the impulsive wave (5) to the upper side and should break above 1.24 towards 1.30 or even higher. This pair should be traded alongside other positively correlated pairs such as GBPUSD, AUDUSD, NZDUSD and EURHKD. These pairs have a strong positive correlation of up to +57% and will move in the same direction during this intraday.
Trade Recommendations:
We’re long with our target at 1.25
Origin: FreshForex
