Elliott waves analysis – Sell Euro towards 1.10040

EURUSD – Up

Sell Euro towards 1.10040

Wave Analysis

After reaching the highs of 1.11690, the euro could not continue higher. The fact that the last impulsive wave (v) could not break above the end of the previous impulsive wave (iii) is a clear sign that there are no enough buyers to push price higher. As it is on the 4 hours attached, we expect further momentum to the lowerside. The anticipated bearish price rally is the continuation of the last impulsive wave (c) to the lowerside and should break below 1.10590 towards 1.09905 and could breakout lower.

Trade Recommendations:

Sell Euro towards 1.10040

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