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EURUSD within a descending flag formation

EURUSD within a descending flag formation | 06 November 2020

06 November 2020, EUR/USD

EURUSD within a descending flag formation

Wave Analysis

Euro continues to consolidate within the descending flag formation and is currently around the upper trendline. Few days ago, the price go rejected from the supportive horizontal line 1.16329, we expect this rejection to have marked an end to the last impulsive wave (c), that the current move to the upperside may not break beyond the upper trendline. As indicated above, if the price bounces off from the upper trendline, this will give us a good opportunity to consider a possible sell position towards 1.16329.

Trade Recommendations:

Look for sell positions now towards 1.16329.

Bob Stan
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