Elliott waves analysis – We’re waiting for a rebound from 1.01430 towards the upper trendline.

Yesterday, EURUSD rallied to the lowerside but could not break below the lower trendline. As it is right now, we are waiting for a clear rebound from it to pick a possible long term buy position towards the upper trendline. On this chart, a buy is recommended towards the upper trendline. And in case the price breaks below this trendline, then we will be waiting for a bearish rally towards 1.00048 and may likely extend much lower.

We’re waiting for a rebound from 1.01430 towards the upper trendline.