Elliott waves analysis – Buy euro upon a pullback

EURUSD – Up

Buy euro upon a pullback

Wave Analysis

Instead of continuing upwards, euro pulled back slightly to the lower side but is still very bullish on the weekly charts. As long as the price remains above the supportive zone 1.1502-1.1459, we expect a possible momentum to the upper side. The anticipated upward position should be an impulsive five wave cycle and should first breakout above 1.2005 but should not go beyond 1.2444. if you’re not long already, you could wait for a pullback to the lower side to pick a long position with your first take profit at 1.2005 and the next at 1.2444.

Trade Recommendations:

Buy euro upon a pullback to the lower side.

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