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Buy a rebound from the lower trendline.

Buy a rebound from the lower trendline. | 05 January 2021

05 January 2021, EUR/USD

Buy a rebound from the lower trendline.

Wave Analysis

Euro is currently within a contracting wedge formation. While the price remains within this shape formation, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (v) to the upperside but should breakout above 1.23315. If you are looking at this chart, now, keep looking for more momentum to the upperside and should breakout beyond 1.23465 towards 1.24 or even higher. A break below the lower trendline will push the price to the lower side.

Trade Recommendations:

Buy a rebound from the lower trendline.

Bob Stan
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