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Look for long term sell positions towards 1.17390.

Look for long term sell positions towards 1.17390. | 06 May 2021

06 May 2021, EUR/USD

Wave Analysis

Since the beginning of this week, Euro rallied to the lower side and is still showing signs of continuing much lower. While the price remains below the Envelopes indicator, I expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of an impulsive wave count and could see price break below 1.19670 towards 1.17390 or even lower. On the flip side, should the price breakout above the upper trendline, then further momentum to the upperside is expected.

Trade Recommendations:

Look for long term sell positions towards 1.17390.

Bob Stan
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