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Expect a rebound from 1.20926-1.20304 to pick a long position towards 1.21920

Expect a rebound from 1.20926-1.20304 to pick a long position towards 1.21920 | 01 May 2018

01 May 2018, EUR/USD

Expect a rebound from 1.20926-1.20304 to pick a long position towards 1.21920

Wave Analysis

Instead of rallying to the upperside as previously forecasted, euro declined in value but is still within our buyers territory 1.20926-1.20304. A|s long as this zone is not violated to the lower side, we expect a possible rebound from it to pick a long position with an ultimate target at 1.25037. The anticipated upward rally should be impulsive in nature, and should first break above 1.21920, before continuing upwards towards 1.25032. If this zone is violated, then, we expect the impulsive wave (c) to continue to the lowerside with our next target being 1.15680.

Trade Recommendations:

Expect a rebound from 1.20926-1.20304 to pick a long position towards 1.21920 and the next target at 1.25032

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Bob Stan
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