Elliott waves analysis – Look for long position

EURUSD – Up

Look for long position

Wave Analysis

On Friday last week, the daily candle opened at 1.21018 , went as high as 1.21319 and as low as 1.20544 but ended up closing at 1.21198, just a few pips above its opening price. The Friday’s candle was a perfect bullish pin bar candle closing above a key level 1.20908. as long as price remains above this level, we expect this level to have marked the end of the immediate impulsive wave (c), that any clear signals to the upper side will culminate into another impulsive wave to the upper side but should not go beyond 1.25042.

Trade Recommendation:

Look for long position with your target at 1.21920

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