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Look for long term sell positions towards 1.17390.

Look for long term sell positions towards 1.17390. | 04 May 2021

04 May 2021, EUR/USD

Look for long term sell positions towards 1.17390.

Wave Analysis

On the daily chart attached, Euro is rallying within a wide expanding wedge formation. Following the rebound from the upper trendline, we are likely to see a possible surge to the lowerside and should break below 1.18695 towards 1.16955 towards 1.16085. As it is now, only sell positions looks ideal, however, in case the price breaks above the upper trendline, then we will be expecting further momentum to the upperside and should break above 1.23480 towards 1.24 or even higher.

Trade Recommendations:

Look for long term sell positions towards 1.17390.

Bob Stan
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