Elliott waves analysis – Rebuy euro around 1.1502.

EURUSD – Up

Wave Analysis

Even after the Monday;s forecast that euro could continue to move upwards, euro corrected itself slightly to the lowerside but is still several pips above 1.1502-1.1455. This is a weekly support zone and as long as it protects the lowerside, we expect a possible rally. We’re likely to see a scenario where euro pulls back towards the previous week’s opening price before an impulsive move is seen to the upperside. You could wait for a potential buy around 1.1502 to pick a low risk buy position with the first target at 1.2150 and the next at 1.2444.

Trade Recommendations:

Rebuy euro around 1.1502.

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