Elliott waves analysis – Sell euro from 1.1450 with your take profit at 1.040.

EURUSD – Up

We're short from 1.1450, with an ultimate target at 1.0404.

Wave Analysis

Euro is currently trading around 1.1379. As we mentioned in our previous forecasts, as long as the price remains below the immediate upper trendline, we expect nothing but a steep decline towards 1.05425. The anticipated bearish price rally is the continuation of the impulsive wave (v) to the lowerside and should break below 1.12125 towards 1.040 or even lower. If you’re not in any position at the moment, you should wait for a pullback towards 1.1450 to sell the last impulsive wave (v) to the lowerside with your take profit at 1.04.

Trade Recommendations:

Sell euro from 1.1450 with your take profit at 1.040.

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