Wave Analysis:
Despite the previous day’s forecast that this pair could continue to decline in value, euro continues to gain grounds against the US Dollar but should not go beyond the short term resistance level 124126. Earlier today, our stop was taken out when the price went above 1.23812. We’re still waiting for potential sell position upon a clear rebound from 1.24126. This pair should be traded alongside EURHKD, EURCHF and GBPUSD. These pairs have a strong positive correlation of up to +63% and will move in the same direction today.
Trade Recommendations:
Sell euro from 1.24126 with your take profit at 1.20706.
Origin: FreshForex
