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EURUSD still losing grounds

29 August 2016, EUR/USD

EURUSD still losing grounds

Wave Analysis:

Yesterday, the pair broke below the contracting triangular pattern. Although we expect further impulsive rally to the lower side, we wait for minor corrections to the upper side to give us low risk sell opportunities. Key support levels are seen around 1.1153 and 1.1075, while key resistance levels can seen around 1.1251, 1.1296 and 1.1335. This pair should be traded alongside GBP/USD and AUD/USD. These pairs had strong bearish engulfing candles on the previous trading day and will have a similar bearish price rally during this intraday.

Trade Recommendations:
Wait for minor upward correction to go short with an ideal target at 1.1152
Graham Osano
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