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Remain short

Remain short | 29 January 2018

29 January 2018, EUR/USD

Remain short

Wave Analysis:

Despite the bearish pin bar seen last week on Thursday, Euro pulled back upwards on Friday, We expect the level 1.2525 to have marked the end of the previous five wave cycle, that the current bearish price rally is the unfolding of a corrective three wave cycle and should not go beyond 1.2286. We expect the level 1.2485, to have marked the end of wave (b), that the immediate down trend if the continuation of the impulsive wave (c) to the lower side and should not go beyond 1.2286. This pair should be traded alongside EURHKD, EURSGD and GBPUSD. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

Remain short with your target at 1.2286

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Bob Stan
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