Elliott waves analysis – Wait for slight bullish pullbacks

EURUSD – Up

Wave Analysis

In contrary to what we forecasted, the impulsive wave (c) went a bit lower than expected and is now rallying below the daily support level 1.21917. As long a the price remains below this level, we expect a possible extension of the impulsive wave (c) to the lower side but should not go beyond the next daily support level seen at 1.20304. If this support is broken, then expect further momentum to the lowerside with an ultimate target at 1.16670. Should the price get again above 1.21917, then expect further momentum to the upper side with a target at 1.25037.

Trade Recommendations

As long as the price is below 1.21917, expect a possible momentum to the lowerside towards towards 1.20304

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