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Buy a bounce from the lower trendline towards 1.09260.

Buy a bounce from the lower trendline towards 1.09260. | 11 May 2020

11 May 2020, EUR/USD

Wave Analysis

Euro is currently rallying with a contracting wedge formation. While the price is contained within this wedge formation, we're waiting for a bounce from the upper trendline to pick a sell while a bounce from the lower trendline will give us a a good place to pick a buy position. A break out of this wedge formation will mean we are continuing in that. A break below the lower trendline will mean we are continuing towards 1.06587, while a break above the upper trendline could see price head towards 1.11910.

Trade Recommendations:

Buy a bounce from the lower trendline towards 1.09260.

Bob Stan
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