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Wait and buy a bounce from 1.12471.

Wait and buy a bounce from 1.12471. | 06 March 2019

06 March 2019, EUR/USD

Wait and buy a bounce from 1.12471.

Wave Analysis

Euro is slowly approaching a monthly support set at 1.12471. This is a key monthly level and as long as the price does not break below it, expect a possible bounce from it to pick a a long term buy. As it is, we expect the previous bounce from 1.12471 to have marked an end to the corrective wave (b) that any clear movements to the upperside will be the continuation of the impulsive wave (c) to the upperside but should not go above the level 1.22033. On the forefront, we don't expect price to go above the immediate trendline, but should price go above this trendline, then a move towards 1.22033 is expected.

Trade Recommendations:

Wait and buy a bounce from 1.12471.

A lot of interesting information on the webinar!

Bob Stan
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