In view of this coming ECB risk event, we are going with a bearish bias on EURUSD.
Price has formed a 5-wave move since 21st June from the low @ 1.1120 to the high @ 1.2070 on 29th August. This forms the 3rd bullish wave on the higher degree.
With the recent price development, we are expecting a retracement to the downside towards 1.1732 area; and we are expecting the ECB risk event to be the catalyst to push price lower.
**Disclaimer - this is just our personal opinion and insight. Make sure you have a proper plan to engage the trade and market.
Price has formed a 5-wave move since 21st June from the low @ 1.1120 to the high @ 1.2070 on 29th August. This forms the 3rd bullish wave on the higher degree.
With the recent price development, we are expecting a retracement to the downside towards 1.1732 area; and we are expecting the ECB risk event to be the catalyst to push price lower.
**Disclaimer - this is just our personal opinion and insight. Make sure you have a proper plan to engage the trade and market.