02 August 2017, EUR/USD
Wave Analysis:
For almost 6 months conservatively, euro has been in a constant up trend but is currently approaching a key monthly resistance zone 1.19688-1.17872. We expect this level to hold price to lower side, thus, as long as the price remains below this level, we expect a possible rebound from this zone to short the impulsive wave (5) to the lower side but should not go beyond 0.9732. At the moment, we are waiting for stagnation below this zone to expect a possible rebound. This downward rally is highly anticipated since the intraday stochastic is above it's overbought level of 80 and could rebound to the lower side. Expect a similar wave count in AUDUSD and NZDUSD. These pairs have an strong positive correlation of up to +71% and will move in the same direction.
Trade Recommendations:
Expect a possible rebound from zone 1.19688-1.17872 to short this pair towards 0.9732
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