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Remain short towards 1.12065.

Remain short towards 1.12065. | 09 June 2020

09 June 2020, EUR/USD

Remain short towards 1.12065.

Wave Analysis

After a rally to the upper side during the previous week, Euro is currently pulling back to the lower side, following the break below the level 1.13198-1.13110, we expect the corrective three wave cycle to continue to the lower side and should break below 1.11840. This view remains valid as long as the price remains below 1.13198. If the price breaks and closes above the same level, then this could be a good place to consider a long term buy position, Conservative traders can wait for a break above the previous week's highest high to pick a long term buy position.

Trade Recommendations:

Remain short towards 1.12065.

Bob Stan
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