During the previous week, the corrective wave (b) extended slightly to the upper side but could not go beyond a key weekly resistance level 1.1442. We expect the level 1.1423 to have marked the end of this corrective wave, that the small bearish candle seen on Friday is an on set of the impulsive wave (c) to the lower side with the first target at 1.1282 and the next target at 1.08648. This view can only be rendered futile in case the price break above 1.1442, if this should be the case, then an acceleration to the upper side is inevitable. Expect a similar wave count in GBPUSD and AUDUSD. These pairs have a similar price rally on the higher time frames and will move in the same direction. Only buy or sell Euro if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible bearish price rally towards 1.1282
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