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A pull back to buy in EUR/USD 15 Minutes chart

A pull back to buy in EUR/USD 15 Minutes chart
Wednesday, April 19th, 2017 @ 10:11 pm by Muhammad Azeem

About Muhammad Azeem:

Muhammad Azeem Mr. Azeem is a pure technician and solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted. Muhammad is a regular participant in the FX Instructor Live Trading Room.

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4-20-2017 3-05-16 AMTrend is bullish in EUR/USD currency pair fifteen minutes time frame. Short term support is present at 1.0671 price level. Based on Elliott wave analysis, we have got a bearish Corrective Zig Zag pattern at Wave 4 location. To me; this just a pull back in market as the trend remain up as long as price stays above 1.0671 support area.

So, a good idea is to look for a possible buy trading chance at Wave 4 location to join an uptrend. However; if price action drops below 1.0671 key support level then up trend will become in-valid. In such a market scenario, it would be best not to trade the market and re-analyze the EUR/USD 15 minutes chart.

 

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