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As long as the price remains below the supportive trendline, we are looking for sell positions towards 1.16350.

As long as the price remains below the supportive trendline, we are looking for sell positions towards 1.16350. | 09 August 2021

09 August 2021, EUR/USD

Wave Analysis

During the previous trading euro rallied to the lowerside and even went below the supportive trendline, while the price remains below this trendline, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the last impulsive wave (E) to the lowerside and could see the price break below 1.16865, if this is the case, then we're sellers towards 1.16350 and may breakout much lower.

Trade Recommendations:

As long as the price remains below the supportive trendline, we are looking for sell positions towards 1.16350.

Bob Stan
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