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We're short with an ultimate target at 1.1120

We're short with an ultimate target at 1.1120 | 22 November 2017

22 November 2017, EUR/USD

Wave Analysis:

Euro is currently trapped within a tight range, not going above or below 1.1655-1.1862. On 3rd of September, this pair rebounded from a key monthly resistance line 1.2095 and is still below it. This was a major turn around level and means we could be short for a long time. Following the recent rejection from the daily resistance line 1.1862, we expect a possible bearish price rally towards 1.1655 and the next target at 1.1120. The anticipated bearish price is the continuation of the impulsive wave (c) to the lower side with an ultimate target at 1.1120. This pair should be traded alongside EURAUD, GBPAUD, GBPNZD and EURNZD. These pairs have a strong positive correlation and will move in the same dirction today.

Trade Recommendations:

We're short with an ultimate target at 1.1120

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Bob Stan
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