Elliott waves analysis – Wait for a rebound

EURUSD – Up

Wait for a rebound

Wave Analysis

Instead of rallying to the upper side, euro crashed intensely and is currently rallying above a key daily supportive zone 1.1455-1.1602. This is still our buy place, and therefore, unless the price clearly breaks below it, i expect a rebound from this zone to pick a long position with my take profit at 1.2444. However, should the price break below 1.1602, then we’ll wait for a breakout below 1.1455 to confirm a possible bearish price rally but should not go beyond the next weekly level 1.0478.

Trade Recommendations:

Wait for a rebound from 1.1602 to pick a long position.

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