Elliott waves analysis – Wait for a buy upon a rebound from 1.1459

EURUSD – Up

Wait for a buy upon a rebound from 1.1459

Wave Analysis

Euro is currently pulling back to the upper side. Instead of continuing to the lower side, euro is currently correcting itself to the upperside, we expect a possible extension of this rally to the upperside but should not go beyond the previous week’s opening price, if you’re not already in a short position, you could wait for a rally towards the previous week’s opening price to pick a short position with an ultimate target at 1.1459. Should the price break below 1.1459, then we expect the impulsive wave (c) to extend further to the lower side.

Trade Recommendation:

Wait for a buy upon a rebound from 1.1459

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