Elliott waves analysis – Buy Euro towards 1.11755.

EURUSD – Up

We're looking for a long term buy towards 1.11920.

Wave Analysis

Just as stated in the previous day’s analysis, euro bounced off from the level 1.11080 and is currently heading to the upperside. We expect this bounce to mark an end to the corrective wave (iv), that the current bullish price rally is the continuation of the impulsive wave (v) to the uperside and should breakout above 1.11755 towards 1.1244 or even higher. This view can only be invalidated in case the price again rallies to the lowerside and break below 1.11080, if this is the case, then a momentum to the lowerside expected.

Trade Recommendations:

Buy Euro towards 1.11755.

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