Elliott waves analysis – We’re still sellers in this market


We're still sellers in this market

Wave Analysis

During the previous trading day, euro declined perfectly as previous forecasted and is still pretty much bearish. If you’re not in any position at the moment, you could wait for a possible retracement towards 1.12150 to pick a low risk sell order. The anticipated bearish price rally is the continuation of the impulsive wave (E) to the lowerside and should continue even further towards the supportive trendline. As it is, buy orders are a bit risky and cannot be recommended especially while the price is below 1.12150.

Trade Recommendations:

Remain short towards the lower trendline.


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