Elliott waves analysis – We are short.


Wave Analysis:

The Euro has been rallying within the upper and the lower trendline for a while now, recently the price rebounded from the impulsive wave cycle three towards the upper side at the corrective wave cycle four. The price is currently around the upper trendline, I expect a further bearish momentum towards 1.0390 or even much lower in continuation of the impulsive wave cycle five. On the flipside, should the price break above the upper trendline, then the bulls will be in control.

Trade Recommendations:

We are short.

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