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We're short from the upper trendline.

We're short from the upper trendline. | 13 August 2020

13 August 2020, EUR/USD

We're short from the upper trendline.

Wave Analysis

Euro bounced off from the Upper trend line and is still pretty much within the expanding wedge formation. We expect the bounce from the upper trend line to act as an end to the corrective three wave cycle, and the beginning of another impulsive wave to the lower side and should reach around 1.16955. If the price breaks and closes above the upper trend, then this will be an ideal place to consider a possible long term buy position with an ultimate target around 1.19305 and may extend much higher.

Trade Recommendations:

We're short from the upper trend line.

Bob Stan
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