Elliott waves analysis – We’re short towards 1.2055


We're short towards 1.2055

Wave Analysis:

During the previous trading day, euro drop massively to the lower side and even broke below the support level 1.2293, following this break, this pair consolidate below this zone and is not giving any signs it could rise above it soon. As long as the price is contained below 1.2293, we expect a possible bearish price movements to the lower side. The anticipated bearish price rally is a mere correction of the previous five wave cycle and should not go beyond 1.2055. According to the 4 hour chart above, look for a short position now towards 1.2055, expect a similar short position in other positively correlated pairs such as EURHKD, EURCHF, and EURAUD. these pairs have a strong positive correlation of up to +71% and will move in the same direction today.

Trade Recommendations:

Sell this pair now with your take profit at 1.2055

FreshForex cancels commissions!

You may check other analytical reviews on FreshForex website. Source: freshforex.com.