Elliott waves analysis – Expect a possible rebound from 1.21917-1.21775

EURUSD – Up

Expect a possible rebound from 1.21917-1.21775

Wave Analysis

Perfectly as previously forecasted, euro dropped drastically but is currently approaching a key daily support zone 1.21937-1.21775. As long as this zone protects the lower side, we expect a possible rebound from it to pick a long position with an ultimate target at 1.25180. If this zone is violated then, we expect further bearish rally towards 1.19880 or even lower. On the daily chart above, we’re very optimistic, we’re waiting for this rebound to pick a low risk long position, however, should the price get below 1.21775, then we expect further rally to the lower side.

Trade Recommendations:

Expect a possible rebound from 1.21917-1.21775 to pick a long position towards 1.25180.

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