Elliott waves analysis – We are long.


Wave Analysis:

The Euro is currently trading in a contracting wedge formation, the price is currently on an up trend. Recently the price bounced off from the impulsive wave cycle three towards the lower side at the corrective wave cycle four. As at now, the price is on the lower trendline I expect a rebound towards the upper side around 1.0575 in continuation of the impulsive wave cycle five. On the flipside should the price break below the lower trendline, then 1.0495 would be a good place to pick a sell from.

Trade Recommendations:

We are long.

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