Buy a break above the upper trend line | 24 Juli 2018

24 Juli 2018, EUR/USD

Wave Analysis

Since June this year, Euro has entered into a contracting wedge formation and is still not showing any signs of breaking out of it. While the price is rallying within this wedge formation, we’re only interested in trading reversals. However, should the price break out of it, then we’ll be looking for an impulsive wave count towards the direction of the breakout. At the moment, a breakout above the immediate resistive trend line looks more ideal and could culminate into an impulsive wave count but should not go beyond 1.2305.

Trade Recommendations:

Buy a break above the upper trend line

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The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.

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Bob Stan

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