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Bullish inside bar

Bullish inside bar | 25 July 2017

25 July 2017, EUR/USD

Wave Analysis

Perfectly as previously forecasted, the impulsive wave (5) retraced slightly to the lower side but ended up closing within the Friday's candle. The previous day's candle is a perfect bullish inside bar indicating that buyers are still in control. Thus, during this intrday, we expect a possible extension this impulsive wave count to the upper side but should not go beyond the monthly resistance level 1.2229. In the meantime, there may be some bearish corrections but this must not be sold, instead, look for low risk buy opportunities. Expect a similar wave count in AUDUSD, NZDUSD and GBPUSD. These pairs have a strong positive correlation of up to +74% and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible bullish price rally towards the monthly resistance level 1.2229

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Bob Stan
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