Elliott waves analysis – Euro should close below 1.1289 before we can continue short.

EURUSD – Up

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

Wave Analysis

According to the weekly chart attached, we’re waiting for a close below 1.12862 to confirm that we’re short with an ultimate target at 1.05616. The anticipated bearish price rally is the continuation of the impulsive wave (5) to the lowerside and should first break below 1.1286 before continua ting to the lowerside. As it is, we’re eyeing the following levels as potential trade entry points, 1.14656, 1.12862, 1.11555, 1.07845 and 1.05616. Ultimately, we expect the price to reach the low of 1.05616. If you’re short already, leave this position open.

Trade Recommendation:

Resell Euro upon a close below 1.1289.

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