Wave Analysis
As opposed to the US Dollar, Euro is currently in an active downtrend. As long as the price remains below the Alligator indicator attached, we expect nothing but a possible momentum to the lowerside, the anticipated bearish price rally is the continuation of the last impulsive wave (5) to the lowerside and should see the price break below 1.16967. A break below this level will push the price much lower. On the flipside, should the price again break above the previous day’s highest high, then we may consider a possible long term buy with an ideal target set at 1.17430. As it is right now, we are only intrested in sell positions.
Trade Recommendations:
We’re sellers towards 1.16.
Origin: FreshForex
