Elliott waves analysis – We’re long towards 1.23472.

EURUSD – Up

We're long towards 1.23472.

Wave Analysis

Few weeks ago, euro bounced off from the monthly support level 1.12471 and is currently heading straight to the upperside. We expect this bounce to have marked an end to the corrective wave (b), that the current move to the upperside is the continuation of the impulsive wave (c) to the upperside and should extend even higher towards the upper resistance trendline. If this trendline is broken, then further move even higher towards 1.23472. As it is on the monthly charts, we’re waiting for a possible retracement to pick a buy order towards the levels mentioned above.

Trade Recommendations:

We’re long towards 1.23472.

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