Buy a bounce from the lower trendline towards 1.09260. | 11 May 2020
11 May 2020, EUR/USD
Wave Analysis
Euro is currently rallying with a contracting wedge formation. While the price is contained within this wedge formation, we're waiting for a bounce from the upper trendline to pick a sell while a bounce from the lower trendline will give us a a good place to pick a buy position. A break out of this wedge formation will mean we are continuing in that. A break below the lower trendline will mean we are continuing towards 1.06587, while a break above the upper trendline could see price head towards 1.11910.
Trade Recommendations:
Buy a bounce from the lower trendline towards 1.09260.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
