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Wait for a possible sell position towards 1.16385.

Wait for a possible sell position towards 1.16385. | 21 October 2020

21 October 2020, EUR/USD

Wave Analysis

Yesterday, Euro rallied steeply to the upperside and is still pretty much bullish both on the daily and on the weekly charts. Currently, the price is approaching a significant resistance trendline. On this chart, should the price bounce off from this trendline, then we will be looking for a possible long term sell positions. If the price breaks and closes beyond it, then further momentum to the upperside is expected with an ultimate target set around 1.19835. A breakout above this level will push the price much higher.

Trade Recommendations:

Wait for a possible sell position towards 1.16385.

Bob Stan
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