Check for 1.20, possible sell location | 11 January 2018
11 January 2018, EUR/USD
Wave Analysis:
Yesterday, euro pulled back upwards and is currently heading towards 1.20. We expect this upward rally to be a mere correction and should not go beyond the resistance level 1.2056. Ideally, we expect the previous bounce from this level to have marked a possible double top formation that any clear break below the neckline, 1.16297, will culminate into a possible bearish price movement but should not go beyond 1.1137. The anticipated bearish price rally merely the continuation of the impulsive wave (c). If you're a bit skeptic to short euro now, you could wait and sell it below 1.1629 with your target at 1.1132.
Trade Recommendations:
Sell euro below 1.16329 towards 1.1120 or upon a rebound from 1.20
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.
