03 April 2018, EUR/USD
Wave Analysis:
Euro is currently trading within a converging wedge formation. After a persistent momentum to the upper side for almost 6 months, euro failed to break above the daily resistance level 1.25300. This level is also a key weekly resistance level and as long as it protects the upper side, we expect the halt around it to have been the end of both the impulsive waves (5), (v), that the current consolidation within the wedge formation is the unfolding of a corrective three wave cycle but should not go beyond the daily resistance level 1.19988. At the moment, we’re waiting for a break below the lower trend line, acting as the support to the converging wedge, to short this pair with our target at 1.1998.
Trade Recommendation:
If you’re not short already, you could wait and sell the impulsive wave (c) below the lower trend line towards 1.19980
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