By: Fadi Steitie
Trend Expected Direction: Down.
Method: Elliott Waves and Fibonacci Trading.
Description: A quick correction based on equality in Relative Strengths in comparison of waves b & ii as shown in chart! Dropping cycle one has ended with irregular pattern at 1.02430 with a break in falling channel at 1.03100. I don't expect the new uptrend to last for a long time, but it could create a short profitable opportunity due to divergence on RSI and trend behavior and a drop in US Advance Retail Sales.
Recommendation: Buy and hold
Target Area: 1.06000
Stop Loss: 1.02250