Elliott waves analysis – Resell Euro from 1.1450 with your take profit at 1.040.

EURUSD – Up

Resell Euro from 1.1450 with your take profit at 1.040.

Wave Analysis

The previous week’s candle was a perfect bearish reversal sign. As long as the price remains below the trendline marked above and also below the level 1.1450, we expect a possible steep decline towards 1.05425. The anticipated bearish price rally is the continuation of the impulsive wave (v) to the lowerside and should first break below 1.11175. The idea here is to wait for a clear sell signal especially around 1.1450, with your stop loss above last months highest, and take profit at 1.04. Only break above 1.15 may attract a long position.

Trade Recommendations:

Resell Euro from 1.1450 with your take profit at 1.040.

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