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Watch for a rebound along the upper blue line to pick a possible sell position.

Watch for a rebound along the upper blue line to pick a possible sell position. | 18 October 2022

18 October 2022, EUR/USD

Watch for a rebound along the upper blue line to pick a possible sell position.

Wave Analysis:

According to the daily chart above, Euro is currently in a correction mode. As long as the price remains below the upper blue line, I expect the current bullish rally to be a mere correction and may not rise beyond 1.001030. On this chart, I am looking for a possible long term sell position with the next ideal target set at 0.94205, if the price breaks and close above the upper blue line, then this view may be violated.

Trade Recommendations:

Watch for a rebound along the upper blue line to pick a possible sell position.

Bob Stan
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