Elliott waves analysis – Expect a possible plunge towards 1.0521.

EURUSD – Up

Sell Euro now, and have your take profit at 1.0542.

Wave Analysis

Last week’s bearish candle has seen euro plunge intensely and is still pretty much bearish both on the daily and the weekly charts. As we mentioned during the previous trading day, we expect this downward rally to be the continuation of the impulsive wave wave v to the lowerside and should first break below 1.1200 before a move further towards 1.0521 is seen. As it is on the weekly chart. Only a close above last week’s highest high will attract a long term long position towards the upper trendline. Overally, this pair is in a downtrend and therefore only sell positions looks more ideal.

Trade Recommendations:

Expect a possible plunge towards 1.0521.

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