Remain short with an ultimate target around 1.09895. | 05 February 2020
05 February 2020, EUR/USD
Wave Analysis
According to the hourly chart attached, MACD is bullish, while the price is heading to the lowerside, this is a possible sign that the price could be changing to the opposite direction. As long as the price remains below the upper trendline, we expect further momentum to the lowerside, the anticipated bearish price rally is the continuation of the impulsive wave (5) to the lower side and should break below 1.09751 towards 1.085451. Ideally the bounce from the upper trend line to have marked an end to the corrective wave (4).
Trade Recommendations:
Remain short with an ultimate target around 1.09895.
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.
