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EURUSD. Wait for a break below the supportive trendline to pick a sell towards 1.110640.

EURUSD. Wait for a break below the supportive trendline to pick a sell towards 1.110640. | 07 August 2019

07 August 2019, EUR/USD

EURUSD. Wait for a break below the supportive trendline to pick a sell towards 1.110640.

Wave Analysis

Yesterday, Euro tried rallying to the lowerside but failed to break below the supportive trendline shown above. As long as the price remains below 1.12199-1.12144, we expect nothing but a possible momentum to the lowerside. Basically, we're waiting for a breakout below the supportive trendline to confirm that we're bearish with an ultimate target at 1.11060. This view can only be invalidated in case the price breaks above the upper trendline, if this is the case, then a move to the upperside is expected.

Trade Recommendations:

Wait for a break below the supportive trendline to pick a sell towards 1.110640.

Bob Stan
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