Expect further rally to the lowerside. | 21 September 2016

Wave Analysis

Following the breakout below 1.1152, we expect Euro to trade on the lower ranges as long as it remains below 1.1152, any clear breakout above this level may invalidate the anticipated downward rally and may push the price towards 1.1213 or even higher. In the meantime, we choose to remain short with the impulsive wave c and (c) towards 1.1079. Any clear breakout below this target may culminate into further downward price movements towards 1.1041 or even lower. Trade this pair alongside GBP/USD, AUD/USD and NZD/USD. These pairs are pretty much bearish on their daily charts and will probably move in the same direction during this intraday.

Trade Recommendations:

Remain short with the first target at 1.1079 and the next target at 1.1041.