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Short Euro around 1.1968-1.1787

Short Euro around 1.1968-1.1787 | 25 Agosto 2017

25 Agosto 2017, EUR/USD

Short Euro around 1.1968-1.1787

Wave Analysis

For the past two months, this pair has been in a constant uptrend but is currently around a key resistance zone 1.1968-1.1787. As long as this zone shields the upper side, we expect a possible rebound from this zone to short euro at the least risk possible. If this zone is broken, then a bullish rally towards 1.38 is expected. Ideally, we expect the previous months rally towards 1.1968-1.1787 to have marked the end of this correction, that the anticipated bearish rally is the continuation of the impulsive wave (5) to the lower side and could break below 0.9693. Trade this pair alongside GBPAUD, EURUSD and NZDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Short Euro around 1.1968-1.1787 with your target at 0.9693.

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Bob Stan
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