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Euro review

Euro review | 02 October 2017

02 October 2017, EUR/USD

Euro weekly review
Wave Analysis:
after reaching the lowers of 1.17235, euro is currently retreating tom the upper side. We expect the level 1.17235 to have marked the end of the previous five wave cycle, that the current bullish price rally is the unfolding of a counter five wave cycle to the upside and should not go beyond 1.2046 during this intraday. Both on the lower and the higher time frames, euro is more bullish and could rise higher as long as it remains above 1.1723. This pair will have a similar price action to GBPUSD, NZDUSD, AUDUSD, and GBPNZD. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Remain long towards 1.2046

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Bob Stan
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