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Waiting for a clear buy position

Waiting for a clear buy position | 06 September 2017

06 September 2017, EUR/USD

Waiting for a clear buy position

Wave Analysis

During the previous trading day, the corrective wave (b) rose to the upper side but should not go beyond 1.1982, where we'll be looking to short the impulsive wave (c) towards 1.1630. This pair is in an overall up trend, thus, if you're skeptic to short this corrective rally, you could wait and buy this pair upon a pullback towards 1.1630. This buy position should be the continuation of the impulsive wave (5) to the upper side but should not extend beyond 1.22. This pair has a very strong positive correlation to GBPUSD, NZDUSD and AUDUSD. And will have a similar price action during this intraday. Only buy or sell Euro if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Wait for further pullbacks to the lower side then buy euro with you target at 1.22

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Bob Stan
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