Elliott waves analysis – Bearish pin bar

EURUSD – Up

Bearish pin bar

Wave Analysis

During the previous trading day, euro opened at 1.19386, went as high as 1.19963 and as low as but ended up closing at 1.19263 just a couple of pips below its opening price. The previous days candle is a perfect bearish pin bar candle closing below a key level 1.19185. This is a potential sign that the bears are in full control and as long as the price remains below this level, we expect a possible momentum to the lower side with our first target at 1.18410 and the next at 1.1721. You could go short now and have your stop loss above the previous day’s highest high 1.1996.

Trade Recommendation:

Short euro now with an ultimate target at 1.17

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