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Remain long towards 1.1245.

Remain long towards 1.1245. | 29 May 2020

29 May 2020, EUR/USD

Remain long towards 1.1245.

Wave Analysis

During the previous trading day, both the impulsive waves (5) and (v) continued to the upper side and is still pretty much bullish both on the daily and on the weekly charts. While the Green ADXline remains above the Red line, we expect further momentum to the upper side and should break and close above 1.11325. On this chart, A retracement back towards 1.09984 will give us a good place to consider looking for a long term buy order. This view can only be invalidated in case the price breaks and closes below 1.09984, if this is the case, then a momentum to the lower side is expected.

Trade Recommendations:

Remain long towards 1.1245.

Bob Stan
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