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Temporarily on the sidelines.

Temporarily on the sidelines. | 23 March 2021

23 March 2021, EUR/USD

Temporarily on the sidelines.

Wave Analysis

Euro is currently rallying within a range not going above the upper trendline or below the lower trendline. On this chart, we are waiting for a rebound from the lower trendline to pick a low risk buy position. On this chart, in case the price breaks above the upper trendline, then this will be a good place to consider a possible long term buy position expecting price to rally to the upper side towards 1.2043. And on the flipside, should the price break below the lower trendline, then we will be expecting a possible rally towards 1.1845 and could breakout much lower.

Trade Recommendations:

Wait for a rebound from the lower trendline to pick a buy position or a rebound from the upper trendline to pick a low risk sell position.

Bob Stan
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