Sell a break below 1.10350. | 16 Agustus 2019

Wave Analysis

During the past few days, after breaking below the supportive line 1.11743, Euro continued to the lowerside and is still pretty much bearish. As long as the price remains below 1.11743, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave five wave cycle and could break below 1.10890 towards 1.10350. As it is on the 4 hour chart attached, we expect the bounce from 1.11160 to have marked an end to the corrective wave (4) that the current bearish price rally is the continuation of the impulsive wave (5) to the lowerside and may break below 1.10350.

Trade Recommendations:

Sell a break below 1.10350.