Wave Analysis
During the previous week, euro attempted a breakout below the supportive zone 1.16067-1.14595 but failed to successfully break below it. We mentioned earlier, as long as the price remains above this zone, we expectapossible rally to the upper side. The anticipated bullish price rally is the unfolding of a an impulsive five wave cycle but should first breakout above 1.18500 before a move towards 1.23270 is seen. This view can only be invalidated in case the price breaks below 1.16067, and even then, we’ll expect another break below 1.14595 to confirm a rally further towards 1.04745.
Trade Recommendations:
We’re long from 1.16067 towards 1.18500.
Origin: FreshForex
