Elliott waves analysis – We’re waiting for a rebound from the upper trendline to pick a sell position.

EURUSD – Up

Wave Analysis:

The Euro is currently within an ascending channel formation. As is right now, I expect a possible rebound from the upper trendline to pick a sell position and a rebound from the lower trendline to pick a possible buy position. If the price should break below the immediate lower trendline, then we expect a possible acceleration of the last impulsive wave (5) to the lower side and will see the price break and close below 0.98520 towards 0.88.

Trade Recommendations:

We’re waiting for a rebound from the upper trendline to pick a sell position.

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