Elliott waves analysis – Wait for a clear break above 1.16055

EURUSD – Up

Wave Analysis

During the previous trading day, euro took to the upper side but failed to break above the level 1.1655. We’re waiting for a clear breakout above this level to pick an upward position with an ultimate target at 1.25215. The anticipated bullish price rally is the unfolding of an impulsive wave count should first break above 1.2065 before further to the upper side is seen. This view can only be invalidated in case the price breaks below 1.14719, if this is the case, then further bearish price rally is expected with an ultimate target at 1.04.

Trade Recommendations:

Wait for a clear break above 1.16055

101% Double the volume

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