Elliott waves analysis – Resell euro from 1.13575 towards 1.13030.

EURUSD – Up

Wave Analysis

During the previous trading day, euro went below the 4 hour support zone 1.13455-1.13579, and is still below the zone. As long as the price remains below this zone, we expect a possible correction to the just broken zone so that we resell the last impulsive wave (5) with the first take profit at 1.13030. And should price break below this level , then this will be an ideal place to look for a long term sell position towards 1.11. And on the flip side, should the price break above 1.13575, then we’ll wait for a confirmation that we’re long towards 1.14.

Trade Recommendations:

Resell euro from 1.13575 towards 1.13030.

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