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Rebuy euro within 1.2240-1.2184

Rebuy euro within 1.2240-1.2184 | 26 February 2018

26 February 2018, EUR/USD

Rebuy euro within 1.2240-1.2184

Wave Analysis:

This pair is an overall up trend. However, we're seen bearish corrections to the lower side with the corrective wave (4) descending lower but could not go below our buyers territory marked at 1.2184. We expect the price to drop further to somewhere below 1.2240 but above 1.2184, where we'll be looking for a low risk long term buy trade with an ultimate target at 1.2820. The anticipated bullish price rally is the continuation of the impulsive wave (5) and should break above 1.2458 towards 1.2820. This pair should be traded alongside GBPUSD, EURHKD, EURAUD, EURSGD and EURCHF. These pairs have a strong positive correlation of up to +62% and will move in the same direction today.
Trade Recommendations:
Rebuy euro within 1.2240-1.2184 with your first target at 1.2458 and the next target at 1.2820

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Bob Stan
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