Remain short | 19 Marzo 2018

Wave Analysis:

During the previous week, Euro opened at 1.2310, went as high as 1.2412 and as low as 1.2259 but ended up closing at 1.2289, few pips below it's opening price. This is two bearish pin bars in two weeks in a sequence and indicates that this pair could continue to drop even this week. This day and in the next few days, we expect a possible continuation of the impulsive wave (c) to the lowerside but should not go beyond 1.2042. Should this support be broken, we'll expect a possible bearish momentum towards 1.1455 or even lower. This pair should be traded alongside EURHKD and EURSGD. These pairs will have a similar price action today.

Trade Recommendations:

Remain short with your target at 1.2042