Short EURJPY We can short EURJPY for the following reasons.
The Primary Wave 2 is completed thus we are potentially seeing wave 3. Wave 3 cannot go higher than wave 2.
The price is also approaching intermediate wave 2 where it should terminate and start wave 3. Again wave 2 cannot go over the area of starting of wave 1.
It is a hat-rick because minor wave 2 cannot cross over the area of where wave 1 started.
All these regions are on the same resistance line, thus potentially we are gearing up for a sixer.
Our potential target is 161.8% Fib level at 110 region.
This is a very high probability because i have consider multiple waves with support and resistance level.
Strategy Short now at CMP or 122.20 with SL at 123 area at EOD basis to target the minor wave 2 start with target of 110 area however we will review this soon and evaluate
