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Expect sellers to push price much lower towards 1.2006

Expect sellers to push price much lower towards 1.2006 | 11 May 2021

11 May 2021, EUR/USD

Expect sellers to push price much lower towards 1.2006

Wave Analysis

During the previous trading day, instead of closing above the level1.21508, euro rallied to the lowerside and is now below the same level. That euro could not close above this zone is a clear sign that there are not enough buyers to keep pushing price to the upperside. If the price can sustain itself below this zone, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is an extension of a corrective wave count and could see price break below 1.2006 towards 1.19 or even lower.

Trade Recommendations:

Expect sellers to push price much lower towards 1.2006.

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