Elliott waves analysis – Resell euro at 1.1191 with your take profit at 1.05.

EURUSD – Up

We're short towards 1.04954.

Wave Analysis

During the previous trading day, euro continues on its way to the lowerside and is still pretty much bearish both on the daily and the weekly charts. Following the break below the previous fortnight’s lowest low, we expect nothing but a possible momentum to the lowerside, the anticipated bearish price rally is still the continuation of the impulsive wave (v) and should extend even lower towards 1.04956. The idea is to wait for a possible correction towards 1.1191 to pick a low risk sell with an ultimate target at 1.05.

Trade Recommendations:

Resell euro at 1.1191 with your take profit at 1.05.

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