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Waiting for a clear sell signal around the dynamic resistance formed around the Envelopes indicator.

Waiting for a clear sell signal around the dynamic resistance formed around the Envelopes indicator. | 28 January 2019

28 January 2019, EUR/USD

EURUSD

Wave Analysis

Overall, euro is in a downtrend, the previous week's candle rose slightly higher than expected but is still below the Envelopes Trend indicator, we expect a possible rise towards this indicator to pick a long term sell position. The anticipated bearish price rally is the continuation of the impulsive wave (v) to the lowerside and should break below the short term supportive trendlline towards 1.04170. As it is, only sell positions looks more ideal, but should price break above this indicator, then we'll look for a long term long position.

Trade Recommendations:

Waiting for a clear sell signal around the dynamic resistance formed around the Envelopes indicator.

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Bob Stan
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