Elliott waves analysis – A close below 1.12862 will mean we’re looking for short positions towards 1.05616.

EURUSD – Up

A close below 1.12862 will mean we're looking for short positions towards 1.05616.

Wave Analysis

Euro is currently trading below a key level 1.12869. As we mentioned in our previous forecast, a close below this level by the end of this week will mean we’re looking for long term short position with an ultimate target at 1.05616. The anticipated bearish price rally is the continuation of the impulsive wave (5) and should first break below 1.12862 before a steep move even further to the lowerside is seen. As it is, only sell position positions looks more ideal and can be recommended, but should price break above 1.15069, then this will be an ideal place to look for buy orders.

Trade Recommendations:

A close below 1.12862 will mean we’re looking for short positions towards 1.05616.

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