Elliott waves for Forex correlation analysis – Euro preparing to continue short


Euro preparing to go short

Wave Analysis:

During the previous trading week ending 16th December 2016, Euro opened at 1.05324, went as high as 1.06686 and as low as 1.03651 but ended up closing at 1.04485, several pips below its opening price. The previous week’s highest high. 1.06686 is a strong daily resistance and the fact the price got rejected from it, signals a possible increasing in the number sellers. Furthermore, the previous week’s candle is a strong bearish candle and will likely push the price further to the lower side. In the meantime, we’re waiting for minor retracements to the upper side to give us further low risk sell opportunities. The current downward rally is the continuation of the impulsive wave (c) towards 0.9944 and possible lower. Expect an exact similar wave count in GBPUSD, AUDUSD, NZDUSD, EURAUD and an exact opposite price action in USDCHF, USDJPY and USDCAD.

Trade Recommendations:

Expect a possible bearish price action towards 0.9944 during this week

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