We are sellers towards 1.0475. | 10 May 2022

10 May 2022, EUR/USD

We are sellers towards 1.0475.

Wave Analysis:

The Euro is currently trading in a converging wedge formation,the price has been moving within the upper and the lower trendline for a while now.Recently the price rebounded from the impulsive wave cycle three towards the upper trendline at the corrective wave cycle four.The price is currently on the upper trendline,I expect a further bearish momentum towards 1.0475 in continuation of the impulsive wave cycle five.On the flip side,should the price break above the upper trendline,then we become buyers from 1.0581 with the first ideal target at 1.0625.

Trade Recommendations:

We are sellers towards 1.0475.

Bob Stan
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