Elliott waves analysis – Look for long positions towards 1.2365


Wave Analysis

During the previous trading day, euro went below the daily short term support level 1.2365 but ended up closing above it. The previous day’s candle was a perfect indecision candle closing above a key level 1.2365, and as long as the price is above it, we expect a possible momentum to the upper side, ideally, we expect a break above 1.25368 to confirm a possible rally towards 1.35 or even higher. On the daily chart above, it look good to only look for long positions, short positions can only be recommended in case the price goes below 1.2365.

Tade Reommendations

Look for long positions towards 1.2365

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