Elliott waves analysis – We’re short towards 1.1421

EURUSD – Up

We're short towards 1.1421

Wave Analysis

Perfectly as we forecasted at the beginning of last week, euro has been on the loosing end and is still pretty much bearish both on the daily and the weekly charts. In the course of the same week, the price went below a 4 hour support level 1.17430 and is still below this level. As long as the price is below the red level indicated above, we expect a possible momentum 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 should break below 1.15 towards 1.14.

Trade Recommendations:

We’re short towards 1.1421.

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