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EURUSD Still to trade on the lower ranges

02 September 2016, EUR/USD

Wave Analysis:

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.

Trade Recommendations:

Now is the time to go short with an ideal target at 1.1079.

Graham Osano
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