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Wait and buy a rebound from the immediate trendline or wait and sell a break below 1.18300

Wait and buy a rebound from the immediate trendline or wait and sell a break below 1.18300 | 08 March 2021

08 March 2021, EUR/USD

Wait and buy a rebound from the immediate trendline or wait and sell a break below 1.18300

Wave Analysis

During the previous week on Friday, Euro rallied massively to the lower side and is now below the level 1.19375 but is yet to break out below the supportive trendline. This is a key trendline and as long as the price does not clearly breakout below this trendline, we are waiting for a clear rebound from it to pick a low-risk buy position. A break and close below it will push the price much lower with the next ideal target set at 1.16338. Any break below this target will push the price much lower towards 1.15 or even lower.

Trade Recommendations:

Wait and buy a rebound from the immediate trendline or wait and sell a break below 1.18300

Bob Stan
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