Elliott waves analysis – we’re short temporarily

EURUSD – Up

Wave Analysis

Instead of rallying to the upper side during the previous trading day, euro pulled back slightly to the upper side but ended up closing just a few pips above its opening price. The previous day’s candle is a possible bearish p[in bar candle and as long as the price remains below the previous day’s closing price, we expect nothing but a possible momentum to the lower side with an ideal take profit at 1.15682. If this target is broken, then further momentum with an ultimate target at 1.12640. A break above 1.17 will attract a long position.

Trade Recommendations:

we’re temporarily short

101% Double the volume

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