Elliott waves analysis – Look for a long term short position below 1.12000 with an ultimate target at 1.0621

EURUSD – Up

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

Wave Analysis

Following last week’s candle, euro has been on the downtrend and is still very bearish both on the daily and the weekly charts, if you’re not in any position at the moment, you could wait for a slight retracement to the upperside to pick a long term short position towards 1.0621. the anticipated bearish price rally is the continuation of the impulsive wave v to the lowerside and should break below 1.1200 before a move further to the lowerside is seen. On its way to the lowerside, the key levels to look for include 1.0950 and 1.0706.

Trade Recommendations:

Look for a long term short position below 1.12000 with an ultimate target at 1.0621

BECOME FRESHFOREX ANALYST!

You may check other analytical reviews on FreshForex website. Source: freshforex.com.