Elliott waves analysis – Buyers slowly gaining control

EURUSD – Up

Buyers slowly gaining control

Wave Analysis

Yesterday, Euro bounced of from the daily support seen at 1.21937. As long as this level contains the price above it, we expect this pair to trade within a tight range, not going above 1.25032 or below 1.21937, any break above 1.25012 will push the price to the upper side, while any break below will push the price to the lower side but should not go below 1.20304. Ideally, we expect the level 1.21917 to have marked the end of the impulsive wave (c) that the current rally to the upper side is the unfolding of another impulsive wave to the upper side with a target at 1.25032.

Trade Recommendation:

Buy euro upon a pullback towards 1.21917 with your target at 1.25032

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