Sell euro around 1.2058 | 12 يناير 2018

Wave Analysis

Instead of continuing short as previously forecasted, euro pulled back upwards and is currently rallying around a key daily resistance level 1.2024. The previous move to the upper side is a mere corrective wave of the corrective wave (c) and should not go beyond 1.2058. This is a possible double top formation level (1.2058) and as long as it contains the price below it, We expect a possible rebound from it to pick a short position with an ideal target at 1.1120. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and should break below 1.1620 towards 1.1130. This pair has a strong positive correlation to EURHKD and will move in the same direction today,

Trade Recommendations:

Sell euro around 1.2058 with your target at 1.1620 and the next at 1.1130.