Elliott waves analysis – Short euro towards 1.21912

EURUSD – Up

Short euro towards 1.21912

Wave Analysis

In the recent past, euro went below a short term support level 1.23785 and is still several pips below this level. As long as this level is not violated to the upper side, we expect a possible momentum to the lower side. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and should break below the daily support level 1.21932 towards 1.19315 or even lower. If you’re not already in a short position, you could wait for a pullback towards 1.23280 to pick a low risk position. Alternatively, you could buy a rebound from 1.21912 with your take profit at 1.25188.

Trade Recommendations:

Short euro towards 1.21912

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