Elliott waves analysis – Wait for a possible rebuy opportunity

EURUSD – Up

Wait for a possible rebuy opportunity

wave Analysis

even after the bullish pin bar seen few days ago, euro could not rally any higher, instead, the price pulled back to the lower side and is still above the weekly supportive zone 1.15593-1.1472. As as long as the price is contained above this zone, we expect a possible rally to the upper side. The anticipated bullish price rally is the unfolding of an impulsive five wave cycle and should first break above 1.2335 before a rally towards 1.2483 is seen. This view can only be invalidated in case the price breaks below 1.15593, this being the case, we’ll wait for another break below 1.1475 to confirm a possible rally to the lower side.

Trade Recommendations:

Wait for a possible rebuy opportunity.

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