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Wait for a sell from around 1.18766.

Wait for a sell from around 1.18766. | 28 August 2020

28 August 2020, EUR/USD

Wait for a sell from around 1.18766.

Wave Analysis

Euro is currently bouncing off of a significant resistance level 1.18766. While the price is not able to successfully close above 1.18766, we are waiting for a clear sign of rejection from this level to pick a low risk sell position towards 1.17714. Should the price breaks and closes above 1.18766, then this will be a good place to consider a possible long term buy position towards 1.19495. A break beyond this level will mean we are continuing to the upper side with an ultimate target around 1.215.

Trade Recommendations:

Wait for a sell from around 1.18766.

Bob Stan
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