Flat correction | 09 January 2018

09 January 2018, EUR/USD

Flat correction

Wave Analysis:

Perfectly as previously forecasted, the flat corrective wave (b) failed to breakout above the resistance level 1.2058 and is still pretty much below this zone. As long as the price remains below this zone, we expect a possible bearish price movements with the first target at 1.1680. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and should break below 1.1680 but should not go beyond 1.1130. If the last level is broken, then further drop in price is expected. This pair should be traded alongside CADJPY, NZDUSD, GBPUSD and AUDUSD. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

Remain short with the first target at 1.1680 and the next at 1.1138

FreshForex cancels commissions!

Bob Stan
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus