Elliott waves analysis – Wait for a possible sell around 1.15716.

EURUSD – Up

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

Wave Analysis

Euro continues to correct itself upwards but is yet to trigger our previous sell position set around last week’s highest high. We expect a possible momentum towards 1.15716 to pick a long term short position towards 1.0521 or even lower. The anticipated bearish price rally is the continuation of the impulsive wave v to the lowerside and should break below 1.1200 towards 1.0521. And on the flip side should the price close above 1.1485 by the end of this week, then this will be an ideal place to look for a long term long position towards the upper trendline.

Trade Recommendation:

Wait for a possible sell around 1.15716.

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