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We are short

We are short | 27 October 2017

27 October 2017, EUR/USD

We are short

Wave analysis

Just as predicted in the previous intraday, the impulsive wave (c) extended downwards and even broke below the daily support level 1.1680.This break out is a clear indication that we a still short. The impulsive wave(c) is expected to extend even lower towards 1.1120.You could look to sell this pair with your target at 1.1120 if you did not sell it before the break out below 1.1680.This bearish price rally is valid as long as price is below the just broken support level 1.1680.A break above 1.1680 may invalidate this trade. Trade this pair alongside GBPUSD, NZDUSD, AUDUSD, and GBPAUD. These pairs have a strong positive correlation and could move in the same direction during this intraday.

Trade recommendation.

Short EUR towards 1.1120.

FreshForex cancels commissions!

Bob Stan
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