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Wait for a possible buy position from the supportive trendline.

Wait for a possible buy position from the supportive trendline. | 16 July 2020

16 July 2020, EUR/USD

Wait for a possible buy position from the supportive trendline.

Wave Analysis

Yesterday, we saw a rise towards the verified resistance level 1.14510. As long as the price does not clear breakout above this level, we choose to remain on the sidelines, we are basically, waiting for price to bounce off from the now supportive trend line to continue long long with the impulsive wave (E) towards 1.152 and could continue much higher, on this chart, if the price breaks and closes below the same trend line, then this will be a good place to consider a possible short position.

Trade Recommendations:

Wait for a possible buy position from the supportive trend line.

Bob Stan
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