We are sellers towards 1.0475. | 10 May 2022
10 May 2022, EUR/USD
Wave Analysis:
The Euro is currently trading in a converging wedge formation,the price has been moving within the upper and the lower trendline for a while now.Recently the price rebounded from the impulsive wave cycle three towards the upper trendline at the corrective wave cycle four.The price is currently on the upper trendline,I expect a further bearish momentum towards 1.0475 in continuation of the impulsive wave cycle five.On the flip side,should the price break above the upper trendline,then we become buyers from 1.0581 with the first ideal target at 1.0625.
Trade Recommendations:
We are sellers towards 1.0475.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
