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Expect sellers to dominate today

Expect sellers to dominate today | 06 June 2019

06 June 2019, EUR/USD

Look for a short term buy towards the upper trendline.

Wave Analysis

Yesterday, euro closed as a massively bearish engulfing candle. This is a possible sign that we're heading to the lowerside. As long as the price is protected from violating the upper trendline, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (E) to the lowerside and should breakout below 1.11200 further to the lower side. If you're not in any position at the moment, you should wait for a pullback back to the previous day's opening price to pick a low risk sell order.

Trade Recommendations:

We're looking for a long term sell order towards 1.10.

Bob Stan
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