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Wait for a buy from the supportive trendline towards 1.19990.

Wait for a buy from the supportive trendline towards 1.19990. | 21 August 2020

21 August 2020, EUR/USD

Wait for a buy from the supportive trendline towards 1.19990.

Wave Analysis

Earlier this week, Euro bounced off from the upper trendline rallied to the lowerside and is still pretty much bearish both on the daily and on the weekly charts, on the 4 hours chart attached we're anticipating a possible continuation of the corrective wave (2) to the lowerside but should not go beyond the supportive trendline. The idea is to wait and buy a bounce from the supportive trendline towards the upper trendline. This view will only be invalidated in case the price breaks and closes below the supportive trendline.

Trade Recommendations:

Wait for a buy from the supportive trendline towards 1.19990.

Bob Stan
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