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Looking to rebuy euro

Looking to rebuy euro | 01 September 2017

01 September 2017, EUR/USD

Looking to rebuy euro

Wave Analysis:

After hitting the highs of 1.2070 Euro reversed to the lower side but is showing possible signs the bearish momentum is declining. The previous day's candle is a perfect bullish pin closing above a key short term resistance level 1.1875. As long as this resistance protects the lower side, we expect a possible bullish price rally towards the latest highest high 1.2070. If this high is broken, then we expect an impulsive wave count to make fresh weekly highs but should not go beyond 1.2108. A similar pin bar can also be traded in GBPUSD, and GBPHKD. These pairs will have a similar price action during this intraday. Only buy or sell Gbpusd if the other pairs are giving the same signal.

Trade Recommendations:

Buy euro at 1.1875 with the first target at 1.2070 and the next target at 1.2108

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Bob Stan
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