Elliott waves analysis – We’re long towards 1.15515.


We're long towards 1.15515.

Wave Analysis

Euro appears to be gaining a head of the US Midterm elections. Yesterday, we expected a bounce from the 1.14158-1.1495 to pick a long term short position, but as it is, euro rallied higher and even went above 1.14495, as long as the price remains above 1.14495, we expect further momentum to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave c to the upper side and should break above 1.15515. Ideally, we expect the massive decline seen in October to be a mere correction and we could embark on a bullish price rally.

Trade Recommendations:

We’re long towards 1.15515.

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