Elliott waves analysis – Buy euro towards 1.11915.

EURUSD – Up

Buy euro towards 1.11915.

Technical Observation

The corrective three wave cycle ended around 1.10740. And currently, we’re seeing the unfolding of another impulsive five wave cycle to the upperside. As long as the price remains above the level 1.10740, we expect nothing but a possible momentum to the upper side, the anticipated bullish price rally is the continuation of the impulsive five wave cycle and should break above 1.11750 towards 1.124 or even higher. Conservative traders can wait for a break above the previous weeks highest high to pick a long term buy order.

Trade Recommendations:

Buy euro towards 1.11915.

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