Wave Analysis
From the bears point of view, euro is is below a trendline indicator, the envelopes. As long as the price is below this indicator, we expect it to be a dynamic resistance. Thus, following last week’s bearish pin bar, we expect nothing but a possible momentum to the lowerside with an ultimate target at 1.06410. On its way to the lowerside, we expect a clear break below 1.11030 to confirm that we’re short with an ultimate target at 1.06410. If you’re not short already, you may still look for short positions from last week’s opening price.
Trade Recommendations:
We’re short.
Origin: FreshForex
