Elliott waves analysis – Sell Euro now, and have your take profit at 1.0542.

EURUSD – Up

Sell Euro now, and have your take profit at 1.0542.

Wave Analysis

According to the weekly chart attached, there was a perfect wedge formation which was broken when the price went below the supportive trendline. As we’ve been mentioning on our previous forecasts, while the price remains below the zone 1.1450-1.1395, we’re still within the sellers territory, therefore, we recommend looking for a long term short positions with an ideal target at 1.054. This sell position should be the continuation of the impulsive wave v to the lowerside and should break below 1.0950 towards 1.054, you could sell now and have your stoploss above last week’s highest high.

Trade Recommendations:

Sell Euro now, and have your take profit at 1.0542.

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