Elliott waves analysis – We’re on the sidelines

Euro continues to remain with a consolidation despite the fact that the overall trend is bearish. As long as the price remains below the two moving averages shown above, I expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of a bearish rally, and should see the price break and close below 0.98 or even lower. The idea on this chart is to wait for a break below the previous week’s lowest low to pick a sell, or a bounce from the previous week’s highest high to pick a sell.

We’re on the sidelines