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waiting for a clear buy

waiting for a clear buy | 18 September 2017

18 September 2017, EUR/USD

Wave Analysis:
The corrective three wave cycle is still in a corrective phase with the inner corrective wave (b) rallying higher last week. During this intraday, we expect a possible continuation of this correction but should not go beyond 1.2092, we’re we’ll be looking to sell the impulsive wave (c) towards the support level 1.1830. If this support is violated then the price could drop further towards 1.1685, where we’ll be looking to rebuy the impulsive wave (5) at the least risk possible. This pair will have a similar price action to EURHKD, GBPUSD, NZDUSD, AUDUSD and GBPAUD. These pairs have a strong positive correlation and will move in the same direction during this intraday. Only buy or sell Eur if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Still in a correction phase, you could remain flat, and wait for a clear buy signal.

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Bob Stan
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