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Wait for a rebound from the upper trendline to pick a low risk sell position.

Wait for a rebound from the upper trendline to pick a low risk sell position. | 10 March 2021

10 March 2021, EUR/USD

Wave Analysis

Earlier the previous trading day, the US Dollar rallied to the upperside but failed to reach the upper trendline. As long as the price remains below the upper trendline, we are looking for long term sell positions. The idea is to wait for a bounce from the upper trendline to pick a possible long term sell position. The anticipated bearish price rally is the contination of an impulsive wave count and could see the price break below 104.00 towards 102.00. A break and close above the upper trendline will push the price much higher towards 110.00 or even higher.
Trade Recommendations:
Wait for a rebound from the upper trendline to pick a low risk sell position.
Bob Stan
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