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Expect sellers to push price much lower towards 1.16

Expect sellers to push price much lower towards 1.16 | 06 July 2021

06 July 2021, EUR/USD

Expect sellers to push price much lower towards 1.16

Wave Analysis

After a rally to the lowerside, euro is currently pulling back to the upperside. As it is on the daily chart, we still expecct further momentum to the lowerside, the ideal on thie chart is to wait for a breakout above the black alligator line to pick a possible long term buy position, or a breakout below the previous week's lowest low to pick a possible long term sell position with the next ideal target set around 1.166. On the flipside, should the price break above 1.19870, then we will be looking for a possible long term buy position. As it is on the 4 hours chart attached, we are sellers unless we see a surge above 1.19870. However, at this point, buy positions looks a bit risky and may not be recommended.
Trade Recommendations:
Expect sellers to push price much lower towards 1.16
Bob Stan
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