Elliott waves analysis – We’re watching for low risk buy positions towards the upper trendline.

During the previous trading day, EURUSD bounced off from the lower trendline and is currently heading to the upperside. As long as the price remains above the upper trendline, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of an impulsive wave count and may see the price break above the upper trendline. On the flipside, a break below the lower trendline will attract a possible long term sell position.

We’re watching for low risk buy positions towards the upper trendline.