Despite a massive drop in price last week, euro only tested the support line 1.1675 and even ended up closing above the lower supportive trend line, we expect the rebound to have marked the end of the impulsive wave (E), that the current bullish price rally is the unfolding of a corrective three wave cycle and should not go beyond upper trend line. This pair should be traded alongside GBPSUD, NZDUSD, AUDUSD and EURHKD. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendation:
Expect a possible bullish price movements towards the upper resistive trendline.
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