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Wait for a 23.6 fib level to pick a buy position.

Wait for a 23.6 fib level to pick a buy position. | 05 June 2020

05 June 2020, EUR/USD

Wait for a 23.6 fib level to pick a buy position.

Wave Analysis

During the previous trading day, the impulsive wave (5) continued to the upper side but is currently approaching a resistance around 1.13710. As long as the price is held below 1.13710, we are flat, we are waiting a breakout above this level to confirm that we are continuing upwards towards 1.1425. On the other side, should the price pullback to the lower side then we expect a possible correction towards the 23.6% fib level, or towards 38.2% fib level, then this should give us a good place to pick a low risk buy position towards the swing high 1.13710.

Trade Recommendations:

Wait for a 23.6% fib level to pick a buy position.

Bob Stan
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