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Still bearish

Still bearish | 06 December 2017

06 December 2017, EUR/USD

Still bearish

Wave Analysis:

Yesterday, we saw a minor extension of the impulsive wave (c) to the lower side and is still pretty much bearish both on the daily and the weekly charts. Today, we expect a possible bearish price rally but should not go beyond 1.1120. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side, and should break below 1.1673 before we can continue short towards 1.1120. According to the current chart set up and structure, only a short position looks more ideal, but if the price breaks above 1.2071, then further bullish price rally towards 1.30 is expected. While we'll be looking to short this pair, we'll also be looking to sell other positively correlated pairs such as EURAUD, EURSGD and EURHKD.

Trade Recommendations:

Remain short with your first target at 1.1673 and the next target at 1.1120

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Bob Stan
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