Elliott waves analysis – We’re still short towards 1.17.

EURUSD – Up

Wave Analysis

perfectly as previously forecasted, after the Monday’s bearish pin bar, euro declined steadily and even went below the daily support level 1.18400. This is a clear sign that the sellers are in complete control of this market, thus, as long as the price remains below 1.18400 we expect a possible momentum to the lower side, the anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and may break below 1.201 or even lower. According to the daily chart above, its only good to look for short positions, long positions cannot be recommended.

Trade Recommendation:

We’re still short towards 1.17.

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