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A long a monthly sell zone

A long a monthly sell zone | 07 July 2017

07 July 2017, EUR/USD

A long a monthly sell zone

Wave Analysis:

During the previous month, instead of going short around 1.1248, euro continued rising and is currently around a key monthly sell level 1.1480. We expect a possible rebound from this level to short this pair. The anticipated short position is the continuation of the impulsive wave (5) to the lower side but should not go beyond the support level 0.9693. This downward rally is highly anticipated since the level 1.1480 is also the same level the resistive trend line meet. As long as 1.1480 is not violated to the upper side we expect a possible rebound from this level to short euro. Expect a similar wave count in GBPUSD and NZDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible rebound from 1.1480 to short this pair towards 0.9693.

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Bob Stan
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