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Bears should take full control soon

Bears should take full control soon | 05 December 2017

05 December 2017, EUR/USD

Bears should take full control soon

Wave Analysis:

Instead of extending upwards, the corrective wave (b) continues to consolidate around 1.1873 and is not showing any signs of rising any further. We're waiting for a sign that this upwards correction in over, then we continue short with the corrective three wave cycle with last impulsive wave (c) expected to go beyond 1.1120. A clear rebound from 1.2071 will be good a sign that the corrective wave (b) is ended, then we'll pick a sell position with our first target at 1.1655 and the next target at 1.1120. This pair should be traded alongside EURAUD, EURNZD, EURCHF and GBPUSD. These pairs have a strong positive correlation of up to +68% and will move in the same direction during this intraday.

Trade Recommendations:

We'll be selling the impulsive wave (c) upon the end of the corrective wave (b) around 1.2071

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Bob Stan
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