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Resell EURO from 23.6% fib level towards 50.0% fib level.

Resell EURO from 23.6% fib level towards 50.0% fib level. | 29 September 2020

29 September 2020, EUR/USD

Resell EURO from 23.6% fib level towards 50.0% fib level.

Wave Analysis

During the previous trading day, Euro rallied to the upperside but is still below the 23.6% fib level. As it is now, we are expecting further rally to the upperside but should not breakout above 23.6% fib level. If the price bounces off from this fib, then we will be expecting further momentum to the lowerside is expected. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lowerside and should breakout below 38.2% fib level with an ultimate target fixed around 50.0% fib level.

Trade Recommendations:

Resell EURO from 23.6% fib level towards 50.0% fib level.

Bob Stan
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