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Resell a bounce from the upper trendline

Resell a bounce from the upper trendline | 01 Octubre 2020

01 Octubre 2020, EUR/USD

Sell a bounce from the upper trendline towards 50.0% fib level.

Wave Analysis

Yesterday, we expected a possible rally towards the upper trendline, however, the price barely touched the upper trendline and is currently edging towards the sellers side. We're still expecting a possible rally to the upperside where we'll be reselling the last impulsive wave (c) to the lowerside with an ultimate target set around 38.2% fib level and could breakout much lower. If the price breaks and closes above the upper trendline then we will be looking for a possible long term buy position towards 1.19930.

Trade Recommendations:

Resell a bounce from the upper trendline

Bob Stan
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