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EURUSD. Buy a bounce from the supportive trend line towards 1.11435.

EURUSD. Buy a bounce from the supportive trend line towards 1.11435. | 05 August 2019

05 August 2019, EUR/USD

EURUSD. Buy a bounce from the supportive trend line towards 1.11435.

Wave Analysis

Euro is currently rallying within a converging wedge formation. While the price remains within this wedge formation, we expect nothing but a possible momentum to the lowerside. As it is on the 30 minutes chart attached, we're waiting for a bounce from the supportive trendline to look pick a low risk buy orders with an ultimate target at 1.11435. And on the flipside, should the price break below 1.11075, then this will be an ideal place to look for long term sell orders with an ideal target at 1.10298.

Trade Recommendations:

Buy a bounce from the supportive trend line towards 1.11435.

Bob Stan
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