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Buy euro upon a rebound from 1.2149

Buy euro upon a rebound from 1.2149 | 16 March 2018

16 March 2018, EUR/USD

Buy euro upon a rebound from 1.2149

Wave Analysis:

Euro continues to correct itself to the lower side despite the previous days forecast that it could continue upwards. We expect this downward rally to be a mere correction and should not go beyond the supportive zone 1.2149-1.2178 where we'll be looking to buy the impulsive wave (5) towards 1.3000 or even higher. If you're not already in a long position, you could look for a buy position upon a rebound from 1.2149, or a sell a breakout below 1.2149. This pair should be traded alongside CADJPY, CHFJPY and NZDJPY. These pairs have a strong negative correlation and will move opposite directions today.

Trade Recommendations:

Buy euro upon a rebound from 1.2149 towards 1.3000

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Bob Stan
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