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Bullish Pin bar candle

Bullish Pin bar candle | 22 December 2020

22 December 2020, EUR/USD

Look for long term buy positions.

Wave Analysis

The previous day's candle closed as a bullish candle. As long as the price remains above the Alligator blue line, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (v) and (5) and should push price much higher with the next ideal target set at 1.24 and could breakout much higher towards 1.25. As it is now, sell positions looks a bit risky on this chart and may not be recommended unless the price breaks below the blue line.

Trade Recommendations:

Remain long towards 1.25.

Bob Stan
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