Elliott waves analysis – Look for a buy towards 1.2444


Wave Analysis

Despite the previous week’s bearish engulfing candle, euro failed to go below the weekly supportive zone 1.1602-1.1455. As long as this zone protects the lowerside, we’re waiting for a clear rebound from this zone to pick a long term long position with an ultimate target at 1.2444. The anticipated bullish price rally is the unfolding of an impulsive five wave cycle but should first break above 1.2205 before a move further upwards is expected. But should the price break below 1.1602, then we’ll wait for a break below 1.1455 to short euro further.

Trade Recommendations:

Look for a buy towards 1.2444

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