EURUSD pair is very near to the yearly highs and price can break up further towards 1.1520-1.1550 area but that doesn't mean it's the right time to buy. I have been calling for a new bearish move for the past several weeks because I can clearly see the warning signs generated on the momentum indicators of daily and 4 hour chart. The weekly chart shows that we are still in a long-term bearish trend and the price is making lower lows and lower highs for the past three years data. So this implies the continuation of the long-term bearish trend. There could be possible big 5 waves to complete this move. My longer-term target is 1.0100-1.0200. I do not see the pair to settle above 1.1600 level this year and I continue to believe that we are in the VERY FINAL stages of this medium-term uptrend. My strategy would be sell the pair on rallies. If the pair closed the day below 1.1350 adding more Shorts will be more beneficial. I am Bearish on EURUSD and already shorted the pair from current levels and waiting for trend reversal signals to add more shorts.
Recommendations: SHORT at 1.1470 with target 1.12000 initially.
Recommendations: SHORT at 1.1470 with target 1.12000 initially.