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Remain short with an ultimate target around 1.09895.

Remain short with an ultimate target around 1.09895. | 05 February 2020

05 February 2020, EUR/USD

Wave Analysis

According to the hourly chart attached, MACD is bullish, while the price is heading to the lowerside, this is a possible sign that the price could be changing to the opposite direction. As long as the price remains below the upper trendline, we expect further momentum to the lowerside, the anticipated bearish price rally is the continuation of the impulsive wave (5) to the lower side and should break below 1.09751 towards 1.085451. Ideally the bounce from the upper trend line to have marked an end to the corrective wave (4).

Trade Recommendations:

Remain short with an ultimate target around 1.09895.

Bob Stan
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