Elliott waves analysis – We’re looking for a long term buy towards 1.11920.

EURUSD – Up

We're looking for a long term buy towards 1.11920.

Wave Analysis

Since the beginning of this week, we’ve seen a continuation of the corrective wave (iv) to the lowerside and could still extend even lower. We expect the bounce from 1.11755 to have marked an end of both the impulsive waves (5) and (iii), that the current bearish price rally is the continuation of the impulsive wave (iv) and should break below 1.10915. If price bounce off from the target mentioned above, then that will give us the best place to pick a long term buy order with an ultimate target at 1.11920. The anticipated bullish price rally is the continuation of the impulsive wave (v) and may extend way beyond 1.11920.

Trade Recommendations:

We’re looking for a long term buy towards 1.11920.

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