Elliott waves analysis – We’re short from 1.1450, with an ultimate target at 1.0404.

EURUSD – Up

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

Wave Analysis

Nothing much happening on this pair, Since Monday this week, this pair continues to consolidates below the upper trendline, as long as the price remains below this trendline, we expect nothing but a steep decline towards 1.10200. If you’re not in any position at the moment, you could wait for a retracement towards 1.1450 to pick a long term short position with an ultimate target at 1.04. As we mentioned during the previous trading day, the anticipated bearish price rally is the continuation of the impulsive wave (v) to the lowerside and should break below 1.12125 before a move further to the lowerside is seen.

Trade Recommendations:

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

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