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Sell a bounce from the upper trendline.

Sell a bounce from the upper trendline. | 30 October 2019

30 October 2019, EUR/USD

Sell a bounce from the upper trendline.

Wave Analysis

On 29th of this month, we saw a possible continuation of the corrective three wave cycle to the lowerside and we are still within the declining channel formation. While the price is contained within this shape formation, we expect a possible momentum to the lowerside. As it is on the hourly chart, we expect a possible break below the previous day's lowest low to pick a long term sell order towards 1.09910 and could breakout even lower. This view can only be invalidated in case the price breaks above the upper trendline.

Trade Recommendations:

Sell a bounce from the upper trendline.

Bob Stan
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