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Buy a rebound from the lower trendline towards 1.20240.

Buy a rebound from the lower trendline towards 1.20240. | 01 December 2020

01 December 2020, EUR/USD

Buy a rebound from the lower trendline towards 1.20240.

Wave Analysis

Euro is currently rallied within a rising but converging wedge formation. On this chart, we want price to rally to the lowerside but should not break below the lower trendline. the anticipated bearish price rally is the continuation of the corrective wave (iv) to the lowerside but should not go beyond the lower trendline. If the price bounces off this trendline, then this will be a good place to buy the last impulsive wave (v) to the upperside and could see price break and close above the upper trendline.

Trade Recommendations:

Buy a rebound from the lower trendline towards 1.20240.

Bob Stan
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