Elliott waves analysis – Wait for a potential buy

EURUSD – Up

Wait for a potential buy

Wave Analysis

Instead of rallying upwards, euro declined sharply, but is still above the weekly support 1.1455-1.1602. As long as the price is contained above this zone, we expect a possible rebound from this zone to pick a long term long position with an ultimate target at 1.2444. The anticipated bullish price rally should be the unfolding of an impulsive five wave cycle and should first break above 1.2150 before a move further to the upper side is seen. This view can only be invalidated in case the price breaks below 1.1602, and even then we’ll wait for another break below 1.1459.

Trade Recommendations:

Wait for a potential buy

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