Elliott waves analysis – Bulls should come back soon

EURUSD – Up

Bulls should come back soon

Wave Analysis

Despite the previous week’s bearish engulfing candle, euro is yet to make any clear moves to the lowerside. We’re still rallying within the supportive zone 1.1502-1.1455. As long as this zone protects the lowerside, we’re waiting for a clear rebound from this zone to pick a low risk buy position with an ultimate target at 1.2444. The anticipated upward rally should be an impulsive five wave cycle and may end up above 1.2444. Should the price break below 1.1502, then I’ll wait for another break below 1.1455 to confirm a potential bearish rally with an ultimate target at 1.0428.

Trade Recommendations:

Wait for a clear buy around 1.1502-1.1455.

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