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Buy a bounce from the supportive trendline towards the upper trendline.

Buy a bounce from the supportive trendline towards the upper trendline. | 24 Agosto 2020

24 Agosto 2020, EUR/USD

Buy a bounce from the supportive trendline towards the upper trendline.

Wave Analysis

Last week, after establishing a fresh high around 1.19500, Euro pulled back to the lower side and is currently showings of clearly bouncing off the supportive trend line. We expect the bounce from the lower trend line to mark an end to the impulsive wave (E) and the beginning of a Fresh wave to the upper side. This view will only be invalidated in case the price breaks and closes below the supportive trendline if this is the case, then we will be expecting an impulsive wave count to the lower side towards 1.1670.

Trade Recommendations:

Buy a bounce from the supportive trendline towards the upper trendline.

Bob Stan
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