Elliott waves analysis – wait for a sell around 1.17430


wait for a sell around 1.17430

Wave Analysis

During the previous trading day, euro pulled back upwards and is still on its way upwards. We expect this upward rally to be a corrective wave count and should not go beyond the hourly resistance level 1.17430, where we’ll be looking for another long term short position with an ultimate target at 1.13. Should this level be broken, then a confirmation will be required to confirm that the price will continue upwards. If you’re already in a short position, then leave this position open, if not, then wait for a rebound from 1.17830 to short euro.

Trade Recommendation.

Sell euro upon a rebound from 1.17430 towards 1.13.

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