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We are still short

We are still short | 30 October 2017

30 October 2017, EUR/USD

Wave analysis

Last week, the EUR broke below a key daily support level 1.1680.The impulsive wave (c) is currently pulling back but this pull back is expected to be just temporary. Bears are expected to come back and push this impulsive wave (c) further downwards towards 1.1120. Look for a short position and sell this pair with your target at 1.1120.This bearish rally is valid as long as price is below 1.1680. A break above 1.1680 may invalidate this trade and price would rally upwards instead. This pair should be traded alongside GBPUSD, NZDUSD, AUDUSD, and GBPAUD. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade recommendations

We are short towards 1.1120.

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Bob Stan
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