03 August 2017, EUR/USD
Wave Analysis
Just three days into the month, euro is rallying around the same price it opened this month. At the zone 1.19688-1.17872, the intraday stochastic is at its overbought level of 80; we expect a possible rebound on the intaday stochastic to short the impulsive wave (5) with an ideal target at 0.97732. We expect the corrective wave (4) not to close beyond this zone, if the price can break out above this zone, then price could extend even higher. This pair should be traded alongside CADJPY, USDJPY, USDCHF and CHFJPY. These pairs have a strong negative correlation of up to 72% and will move in exact opposite price action during this month. While you'll be looking to sell euro, you should look to buy the others.
Trade Recommendations:
Expect a possible rebound from the zone 1.19688-1.17872 to short euro with an ideal target at 0.97732.
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