Elliott waves analysis – We’re still short towards 1.05616.

EURUSD – Up

Remain short with your first target at 1.12780 and the next at 1.05616.

Wave Analysis

Euro is currently trading below a key level 1.13531. This is a key weekly level and as long as the price remains below it, we expect nothing but a possible steep decline towards 1.05616. The anticipated bearish price rally is the continuation of the anticipated bearish price rally is the continuation of the impulsive wave (5) and should first break below 1.12780 before a move even further lower is seen. Generally, as long as the price remains below 1.15069-1.14656, we’re still within our sellers territory.

Trade Recommendations:

We’re still short towards 1.05616.

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