we're still expecting a short position | 20 March 2018
20 March 2018, EUR/USD
Wave Analysis:
During the previous trading day, we saw an extension of the corrective wave (b) to the upper side but this p[air is still pretty much bearish on the weekly and the monthly charts. We expect the previous upward rally to be a mere extension of the corrective wave (b) to the upper side and may not go beyond 1.2415 which is a key resistance level for selling the impulsive wave (c) with our target at 1.2042. This pair should be traded alongside GBPUSD, EURHKD, NZDUSD and AUDUSD. These pairs will have a similar price action today.
Trade Recommendation:
we're still expecting a short position towards 1.2042
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.
