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Bearish engulfing on the daily chart

Bearish engulfing on the daily chart | 06 November 2017

06 November 2017, EUR/USD

Bearish engulfing on the daily chart

Wave Analysis:

During the previous trading day, euro opened at 1.1655 went as high as, 1.1690 and as low as, 1.1596 but ended up closing at 1.1604, several pips below its opening price. The previous day;s candle pretty much engulfed the other day's candle and means we could short for a long time. As long as the price remains below 1.1708-1.1671, we expect a massive drop in price but should not go beyond 1.1120. The anticipated bearish price rally is merely the continuation of the impulsive wave (c) to the lower side and may be extensive in nature. This pair will have a similar price action to EURCAD, EURNZD and GBPUSD. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendations:
We're short with our target still set at 1.1120

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Bob Stan
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