EURUSD – Up
EURUSD has been consolidating in the form of an expanding channel for the last 24 hours and is currently in a corrective phase with an ABC corrective pattern. As shown in the chart above, the price has formed an ascending channel from the major impulsive wave (I) at 1.0934 to the end of the major impulsive wave (V) at 1.1076, indicating a bearish reversal. Furthermore, this pair has formed a double top at 1.0983, which confirms its bearishness. As a result, the price is likely to drop to 1.0808. You can place sell orders now with a profit target at 1.0808 and a stop loss at 1.0934.
Trade Recommendations:
We’re short
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
