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Eur Retracing

Eur Retracing | 07 August 2017

07 August 2017, EUR/USD

Wave Analysis

Instead of continuing long as previously anticipated, Euro dropped in price and is still showing signs of pullback even lower. We expect the previous day’s bearish price rally to be an onset of a corrective three wave cycle and should not go beyond the support level 1.1627, if this level is broken, then the price could drop lower with the next target at 1.1477. This bearish correction is highly anticipated since the intraday stochastic is rallying above its overbought level of 80, and should rebound towards 50. This pair should be traded alongside GBPUSD, AUDUSD, NZDUSD. These pairs have a strong positive correlation of up to +69% and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards 1.1627.

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Bob Stan
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