Look for sell positions from 1.10820 towards 1.10570. | 23 August 2019

23 August 2019, EUR/USD

Look for sell positions from 1.10820 towards 1.10570.

Wave Analysis

During the previous trading day, euro declined significantly and even went below the contracting wedge formation. As long as the price remains below this shape formation, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (v) to the lowerside and should continue massively towards 1.10570 or even lower. This view can only be invalidated in case the price breaks below 1.10570, if this is the case, then further momentum to the lowerside is expected.

Trade Recommendations:

Look for sell positions from 1.10820 towards 1.10570.

Bob Stan
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