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Wait for a low risk sell order towards the lower trendline.

Wait for a low risk sell order towards the lower trendline. | 19 May 2020

19 May 2020, EUR/USD

Wait for a low risk sell order towards the lower trendline.

Wave Analysis

During the previous trading day, Euro continued to the upperside but is yet to clearly break above the upper trendline. As long as the price is held below this trend line we are waiting for a clear bounce from this level to pick a low risk sell position with an ideal target around the lower supportive trendline. This view can only be invalidated in case the price breaks and closes above the upper trendline if this is the case, then further momentum to the upperside is expected with an ultimate target around 1.11945. On the flip side only a clear break and close below the 1.07910 will provide a safe sell place for consecutive traders.

Trade Recommendations:

Wait for a low risk sell order towards the lower trend line.

Bob Stan
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