As previously forecasted, after retracing towards 1.06767, Euro traded relentlessly to the lower side and even broke below a key short term support level 1.06194 and is still pretty much bearish. Although we expect further momentum to the lower side we choose to remain flat momentarily and wait for minor retracements to the just broken support to go short at low risk. This view is only valid on the 4hr chart set up, the daily, and weekly charts shows a possible loss of downward momentum and could rebound for long. The monthly chat howver is still pretty much bearish and will head further to the lowerside during this month.
EURUSD Daily Chart
From the daily chart, we expect a possible rebound from the lower supportive trendline to go long.
EURUSD Weekly Chart
On the weekly chart above, we expect a possible break below 1.04682 to continue short with an ideal target at 1.03
Expect a similar wave count in AUDUSD, GBPUSD, and NZDUSD. These pairs will have a similar price action during this intraday.
Trade Recommendations:
During this week, expect a possible rebound from 1.05030 to go long. A break below 1.040 will mean we're waiting for a break below 1.03384 to confirm the continuation of the bearish price movements.
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