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Wait for a clear buy signal upon a rebound from 1.2178-1.2149

Wait for a clear buy signal upon a rebound from 1.2178-1.2149 | 12 March 2018

12 March 2018, EUR/USD

Wait for a clear buy signal upon a rebound from 1.2178-1.2149

Wave Analysis:

Last week, instead of continuing as previously anticipated, we still seeing a possible corrective phase of the corrective wave (4) to the lower side but still above the daily supportive zone 1.2178-1.2149. As long as this zone is not violated to the lower side, this zone remains a good buy place. Ideally, we're waiting for a slight decline to the lowerside, then buy the impulsive wave (5) with an ultimate target at 1.35. This view will only be invalidated in case the price breaks below 1.2149, this being the case, we expect further bearish price rally towards 1.2034. This pair should be traded alongside EURAUD, EURCHF, EURHKD and NZDUSD. These pairs have a strong positive correlation of up to +71% and will move in the same direction today.
Trade Recommendations:
Wait for a clear buy signal upon a rebound from 1.2178-1.2149 with your take profit at 1.35

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Bob Stan
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