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Buy a bounce from the supportive trendline.

Buy a bounce from the supportive trendline. | 12 May 2020

12 May 2020, EUR/USD

Wave Analysis

During the previous trading day, nothing much happened on this pair, we expect a possible momentum to the upperside but should not go beyond the upper trendline, the anticipated bullish price rally is the continuation of a corrective wave count and could see the price break the previous day's highest high. This view can only be invalidated in case the price breaks and closes below the supportive trendline, if this is the case, then further momentum to the lowerside is expected with an ultimate target around 1.06587.

Trade Recommendations:

Buy a bounce from the supportive trendline.

Bob Stan
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