Elliott waves analysis – Wait for a possible buy position around 1.2302

EURUSD – Up

Wait for a possible buy position around 1.2302

Wave Analysis

During the previous trading day, euro declined steadily to the lower side but is still above the short term support level 1.23202. As long as the price does not clearly break below this level with a big red candle, we expect a momentum to the upper side. With the just mentioned upward rally, we expect a rally towards 1.25032 and may break even higher. If this level should be broken to the lower side, then we expect a possible momentum to the lower side with our target being 1.21932. A break below 1.23202 will push the price further to the lower side with the next target being 1.21932.

Trade Recommendations:

Wait for a possible buy position around 1.2302 towards 1.25032.

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