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Euro headed for 1.2064

Euro headed for 1.2064 | 02 Enero 2018

02 Enero 2018, EUR/USD

Euro headed for 1.2064

Wave Analysis:

For the past few day's euro rose significantly and is currently approaching a key resistance level 1.2064. We expect a possible double top formation around 1.2064 to short this pair with the first target at 1.1673 and an ultimate target at 1.1120. The current bullish price rally is the continuation of the corrective wave (b) and should end around 1.2064 where we'll be selling the impulsive wave (c) at the least risk possible. This pair should be traded alongside EURAUD, GBPUSD, EURSGD, GBPHKD and EURCHF. These pairs have a strong positive correlation and will move in the same direction during this intraday. Only buy or sell euro if the other pairs are giving the same signal.

Trade Recommendations:

Sell euro around 1.2064 with the first target at 1.1673 and the next at 1.1120

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Bob Stan
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