Elliott waves analysis – We are short.


Wave Analysis:

During the previous trading days, the Euro rallied from the lower trendline at the impulsive wave cycle three towards the upper side at the corrective wave cycle four. As at now the price is on the upper trendline, I expect it to bounce back towards the lower trendline around 0.9570 in continuation of the impulsive wave cycle five. However, should the price break above the upper trendline, then 1.0025 would be a good place to look for a buy position with the first ideal target at 1.0420.

Trade Recommendations:

We are short.

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