Elliott waves analysis – rebuy euro around 1.2184

EURUSD – Up

rebuy euro around 1.2184

Wave Analysis:

The corrective wave (4) continues to correct itself to the lower side but should not go beyond the support level at 1.2184. Ideally today and in the next few days, we expect this correction to extend to the lower side and should end around 1.2184 where we’ll be looking to buy the impulsive wave (5) with an ultimate target at 1.27 or even higher. If you went short yesterday, remain short but upon up to 1.2184, if this support is broken, then we expect further decline, but as it looks on the daily chart, a rebound from 1.2184 will call for a long position with an ultimate target at 1.27. This pair should be traded alongside GBPUSD, EURHKD and EURAUD.

Trade Recommendations:

Remain long with an ultimate target at 1.27. If you’re not long already, you could wait and rebuy euro around 1.2184 towards 1.27

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