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EURUSD. We're waiting for a bounce from the supportive trendline to pick a long term buy towards the upper trendline.

EURUSD. We're waiting for a bounce from the supportive trendline to pick a long term buy towards the upper trendline. | 09 August 2019

09 August 2019, EUR/USD

EURUSD. We're waiting for a bounce from the supportive trendline to pick a long term buy towards the upper trendline.

Wave Analysis

During the previous day, euro bounced off from the supportive trendline and is still pretty much above it. As long as the price remains above this supportive trendline, I expect further momentum to the upperside. basically, we expect the bounce from the supportive trendliune to have marked an end to the corrective wave (D), that the current bullish price rally is the continuation of the impulsive wave (E) and should break above 1.11980 towards the upper trendline, this view can only be invalidated in case the price breaks below the supportive trendline.

Trade Recommendations:

We're waiting for a bounce from the supportive trendline to pick a long term buy towards the upper trendline.

Bob Stan
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