Elliott waves analysis – We’re short towards 108.396


We're short towards 108.396

Wave Analysis

After a bounce from 111.060, the US Dollar has been an a constant downtrend but is still few pips above 108.396. We expect a rally towards this level to pick our profits, but should the price break below it, then this pair could be heading to the lower side, and since the weekly chart is very bearish. We’re definitely expecting a break below 108.369 to confirm a possible rally further towards 105.060 and the next at 100.00. Buy positions can only be recommended in case the price break above 111.060 or on a bounce from 108.396.

Trade Recommendations:

We’re short towards 108.396

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