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Look for short positions towards 1.16127.

Look for short positions towards 1.16127. | 21 August 2017

21 August 2017, EUR/USD

Look for short positions towards 1.16127.

Wave Analysis:

After hitting the highs of 1.19090, euro entered into a wedge like consolidative retracements, and should move further to the lower side. We expect this downward rally to be the continuation of a corrective three wave cycle and may break below the daily support level 1.16127. If this support is broken, then we expect further drop towards 1.1132. This pair will have a similar price action to GBPUSD, AUDUSD and NZDUSD. For the past few years, these pairs have had a strong positive correlation of up to +71% and will have a similar price action during this intraday. Only buy or sell euro if the other pairs are giving the same signal.

Trade Recommendations:

Look for short positions towards 1.16127.

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Bob Stan
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