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Sell a bounce from the upper trendline towards 50.0% fib level.

Sell a bounce from the upper trendline towards 50.0% fib level. | 30 September 2020

30 September 2020, EUR/USD

Sell a bounce from the upper trendline towards 50.0% fib level.

Wave Analysis

Just as previously expected, Euro continues to correct itself to the upperside and is still pretty much bullish both on the daily and on the 4 hours chart. As it is now, we expect further correction to the upperside and should bounce off from the upper trendline. The idea is to wait for a bounce from the upper trendline to pick a low risk sell position with an ultimate target set around 38.2% fib level and the next level at 50.0% fib level. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lowerside towards 50.0% fib level.

Trade Recommendations:

Sell a bounce from the upper trendline towards 50.0% fib level.

Bob Stan
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