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EURUSD Still to trade on the lower ranges

EURUSD Still to trade on the lower ranges | 31 August 2016

31 August 2016, EUR/USD

Wave Analysis

Yesterday the pair traded massively short as previously forecasted and is still pretty much bearish on the the daily chart. During this intraday, we expect to continue short with the impulsive wave 5 to the lower side. The current downward rally on the 4hour chart is the unfolding of the anticipated wave 5, and may close below 1.1073. Expect a similar impulsive wave in other positively correlated pairs such as GBP/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.91 and will have a similar price action.

Trade Recommendations:

Remain short with an ideal target at 1.1079,

Bob Stan
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