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As long as the price remains below 1.20304, expect a possible momentum to the lowerside.

As long as the price remains below 1.20304, expect a possible momentum to the lowerside. | 02 May 2018

02 May 2018, EUR/USD

As long as the price remains below 1.20304, expect a possible momentum to the lowerside.

Wave Analysis

Instead of bouncing off from the daily support level 1.20575, euro declined significantly and even went below the next key level 1.20304, as long as the price remains below 1.20304, we expect further momentum to the lower side, the anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and should not go beyond the daily support level 1.19015. If this support is broken, then further momentum to the lower side is expected. This view can only be invalidated in case the price breaks above 1.20304.

Trade Recommendations:

As long as the price remains below 1.20304, expect a possible momentum to the lower side.

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Bob Stan
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