Elliott waves analysis – Remain short with your first target at 1.12780 and the next at 1.05616.

EURUSD – Up

Remain short with your first target at 1.12780 and the next at 1.05616.

Wave Analysis

Euro is currently trading with an increasing bearish bias momentum. As long as the price remains below 1.15069-1.14656, we expect a steep decline towards 1.05616. The anticipated bearish price rally is the continuation of the impulsive wave (5) to the lowerside and should break below 1.12780 towards the target set above. And on the flip side, should the price go above 1.15069, then we’ll need a confirmation that we’re upwards with our target being 1.17715 and the next target being 1.25100.

Trade Recommendation:

Remain short with your first target at 1.12780 and the next at 1.05616.

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