EURUSD – Up
Euro is currently trading within a contracting channel formation. We expect the previous bounce from the upper trendline to have marked an end to the previous impulsive wave (c), that the current bearish price rally is the continuation of the corrective wave (D) and should not go beyond the supportive trendline. If price rebound from this trendline, then this will give us the best opportunity to buy the last impulsive wave (E) and should breakout above 1.10625 towards 1.1212 or even higher.
Rebuy Euro upon a rebound from 1.10125 with your take profit ar 1.10625.
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