Look for long term sell orders from the upper trendline | 26 8月 2019

26 8月 2019, EUR/USD

Wave Analysis

Euro is currently trading within a declining, wedge formation As long as the price remains within this shape formation, we expect nothing but a possible momentum to the lowerside. Following the previous week's momentum to the upperside, we expect nothing but a possible momentum to the upperside but should not go above the upper trendline. As it is on the daily chart, a bounce from the upper trendline will mean we're continuing short with both the impulsive waves 5 and (c) and should break below 1.08660 towards 1.05900.

Trade Recommendations:

Look for long term sell orders from the upper trendline

Bob Stan
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