Elliott waves analysis – We’re still short with an ultimate target at 1.1652.

EURUSD – Up

Euro review

We're still short with an ultimate target at 1.1652.

Wave Analysis

After the bearish pin bar seen on Monday last week, euro has been in a constant downtrend and is sill pretty much bearish both on the daily and the weekly charts. We expect the rebound from 1.1938 to have marked the end of the corrective wave iv that the downward rally that dominated this market for the better parts of last week is the continuation of both the impulsive waves v and (c) and should not go beyond the daily support seen at 1.1652. If this target is taken out, then we’ll expect further momentum towards 1.1525.

Trade Recommendations:

We’re still short with an ultimate target at 1.1652.

We’re short

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