Elliott waves analysis – We’re still short

EURUSD – Up

We're still short

Wave Analysis

During the previous trading day, the impulsive wave (c) extended significantly to the lower side, perfectly as previously forecasted and is still pretty much bearish. Today and in the next few days, we expect further extensions to the lower side with our next target being 1.1790. If this target is broken, then we expect further momentum to the lower side. This view will only be rendered futile in case the price breaks above 1.19326, this being the case, we’ll wait for a clear sign that the price will sustain this break, towards 1.22300.

Trade Recommendations

We’re still short towards 1.1780

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