After a strong and consistent upward move which we experienced during the past weeks, we at astute financials decides to look critically at the EXY 0.19% to know how far up this currency will actually go.
According to the chart attached, you would see that a clear labeling shows that in the long term, the currency has still not completed its upward wave C correctional movement. Wave 3 of C has completed, a wave which actually subdivided into smaller complete 5 waves was seen.
Presently we are expecting the currency to retrace downward so as to complete the 4th correctional wave of C before we resume the downward trend on this currency.
We would advise a sell position for now. Unless the previous high is breached.
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The candle formation at the end of last weeks trading on the EXY gives more credence and reliability on our previous position on EUR.
We will be looking forward to more downward trend towards the wave 4 correction as earlier stated as long as 1.1920 point remains valid.
Happy trading week

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