02 September 2016, EUR/USD
Yesterday, the corrective wave 4 went a bit far than expected but could not close above 1.12055. We expect the current downward rally to be the unfolding of the impulsive wave 5 but should not go beyond 1.1079. Since this pair is positively correlated to EUR/HKD and NZD/USD, we expect a similar impulsive wave in all these pairs. This view can only be invalideated incase the pair end up breaking above 1.12055. If the latter is the case, then we expect an accelation to the upperside.
Now is the time to go short with an ideal target at 1.1079.
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