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Expect further bearish corrections

Expect further bearish corrections | 15 September 2017

15 September 2017, EUR/USD

Expect further bearish corrections

Wave Analysis:

Yesterday, we witnessed a possible extension of the previous corrective three wave cycle with the first impulsive wave (a) extending lower. During this intraday, we still expect a possible extension of this three wave cycle but should not go beyond 1.1688, or may break below. If you're a bit skeptic to short euro now, you could wait for the inner corrective wave (b) to end then short the last impulsive wave (c) with your target at 1.1688. Alternatively, you could wait and buy this pair for along term around 1.1688 with an ultimate target at 1.25. This pair will have an exact opposite price action to CADJPY, NZDJPY, CHFJPY and AUDJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade Recommendation:

We're short only up to 1.1688.

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Bob Stan
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