Elliott waves analysis – In a correction mode


In a correction mode

Wave Analysis

During the previous trading, euro pulled back to the upper side but is still below the 4 hour support level 1.17430. First the break below 1.17430 was a bearish dominance sign and as long as the price remains below this level, we expect a possible rally to the lower side. The anticipated bearish price rally is the continuation of both the impulsive waves v and (c) to the lower side and may break below 1.15 towards 1.14 or even lower. If you’re not already in a short position, you could wait for a second pullback towards 1.17430 to pick a short position towards 1.16.

Trade Recommendations:

Resell euro around 1.17430 towards 1.162

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