Facts:
The pair bounced off the key support area near 1.1485
EURUSD is trading above the 100-period moving average from H4 interval
Recommendation:
Trade: Long position on EURUSD at market price
Target: 1.1588, 1.1674
Stop: 1.1431
Opinion: EURUSD has been trading in a local upward trend recently. Looking at the H4 interval, one can see that the recent downward correction was halted at the key support zone at 1.1485. The support is a result of previous price reactions. In addition, according to the Elliott Wave Theory, the observed downward correction move resembles ABC correction (marked with an orange line), which may herald a resumption of an upward move. Taking this into account, the upward move looks to be the base case scenario for now. We recommend going long EURUSD at market price with two targets:1.1588 and 1.1674. We also recommend placing a stop loss order at 1.1431. Source: xStation5
