Elliott waves analysis – Place a pending sell limit order within the zone 1.1594-1.1465 with your take profit at 1.0461.

EURUSD – Up

Place a pending sell limit order within the zone 1.1594-1.1465 with your take profit at 1.0461.

Wave Analysis

According to the weekly chart above, we have the Columns of MACD being below 0.00 and the price being below a key support zone 1.1594-1.1465. As long as the price is below this zone and the Bars of MACD below 0.00, we expect a possible steep decline towards 1.1135 and should head even lower. You could place a pending sell limit order within the zone said above, then have your stoploss above 1.1790 and take profit at 1.0481. The anticipated bearish price rally is the continuation of the impulsive wave v and should first break below 1.1135.

Trade Recommendations:

Place a pending sell limit order within the zone 1.1594-1.1465 with your take profit at 1.0461.

Be the first to get $5 for participation in the webinar 8.30 GMT!

BECOME FRESHFOREX ANALYST!

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