Wave Analysis:
On the weekly chart attached, euro could gain a momentum to the upper side, however, this upward rally should not last for long since we expect this move to be a mere phase of the corrective wave (b) and should not go beyond the weekly short term resistance level 1.2415 where we’ll be looking to sell the impulsive wave (c) to the lower side with an ultimate target at 1.2042. Should the price get below 1.2042, then we expect further bearish rally but should not go beyond the may weekly support 1.1655.
Trade Recommendation:
Wait and resell the impulsive wave (c) at 1.2415 towards 1.2042
Origin: FreshForex
