Potential buy on EURUSD

Aug 17, 2022

Over the past couple of months price has been giving us bearish price action which in turn has given us a descending channel. Price looks like it has found its bottom as price has given us strong wick rejection at the 0.99530 level. Furthermore, price has given us a descending trendline inside the descending channel which has been tested 4 times. We could see price break out of this trendline soon in the coming days or weeks at most as we are on our fifth and final bearish Elliot impulsive wave. Once this fifth wave has completed its impulsive move to the downside we could see price reverse and breakout of this trendline. Once price breaks out we could see price rally as far as the 1.22674 level. However, in order for this move to be valid we need to see price break and hold the 1.04961 level as support as this and the 1.03619 level acted as a key zone before other previous bullish impulses in the past.