Last trading Friday, the corrective wave (b) stretched slightly to the upper side but is yet to reach our turn around level 1.1862. We expect a possible extension of this correction to the upper side but should not go beyond 1.1862, where we'll be looking to sell the impulsive wave (c) with our first target at 1.1655 and the next target at 1.1120. This view can only be rendered futile in case the price end up breaking above 1.1862, if this is the case, then further bullish price rally with a target at 1.2282 is expected. This pair should be traded alongsidde GBPUSD, NZDUSD and AUDUSD. These pairs will have a similar price action during this intraday.
Trade recommendations:
Sell euro around 1.1862 with your first target at 1.1655 and the next target at 1.1120
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