Elliott waves analysis – We’re short towards 1.12780.

EURUSD – Up

We're short towards 1.12780.

wave Analysis

Euro is currently trading with an increasing bearish bias Momentum. As we mentioned previously, we’re still within our sellers territory and as long as the price remains below the zone 1.15069-1.1456, we expect a possible momentum to the lowerside. This downward rally is the continuation of the impulsive wave (5) and should break below 1.12780 towards 1.05616. Basically, this week, we expect euro to trade within a range not going above 1.15069 or below 1.12780, if this range is broken, then we expect a move towards the direction of the breakout.

Trade Recommendations:

We’re short towards 1.12780.

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