Wait | 07 May 2018

Wave Analysis

In the very recent past, euro broke below the lower trendline acting as the support to the contracting wedge, pulled back towards this zone before taking off to the lowerside. We expect this downward rally to have been the unfolding of the impulsive wave (c) to the lowerside and that the current halt around 1.19328 is it's end. Thus, as long as the price does not violated this support, we expect a possible momentum to the upperside from this level. However, should the price break below 1.19328, then we'll wait for a pullback to the upperside to pick a short position towards 1.17380.

Trade Recommendations:

Wait for a break below 1.19328 to confirm a possible rally towards 1.17380.