Wave Analysis

During the previous trading day, the impulsive wave (c) extended lower than expected and is still pretty much below the daily support level 1.19128. As long as the price remains below this level, we expect a possible momentum to the lower side. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and should break below 1.18350 towards 1.17 or even lower. If you’re not short already, you could wait for a pullback towards 1.19328 to pick a low risk short position towards 1.17.

Trade Recommendations:

We’re short towards 1.17

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