Elliott waves analysis – Wait for a break below 1.19328


Wait for a break below 1.19328

Wave Analysis

After a break below 1.19378, euro pulled back again above this level and is still pretty much bearish both on the daily and weekly charts. As long as the price remains above 1.19378, we choose to remains on the sidelines, our expectations is that the price should break again below 1.19328, before we can pick a low risk short position. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and should break below 1.18170 towards 1.17380. This view can only be invalidated in case the price breaks above 1.20150.

Trade Recommendations:

Wait for a break below 1.19328 to confirm a possible rally towards 1.17380.

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