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Declining upward momentum

08 September 2016, EUR/USD

Declining upward momentum

Wave Analysis:
The pair continues to rally around a key resistance level 1.1252 despite indications that there is a decline in an upward momentum. As long as the resitance level 1.1252 protects the upperside, we expect an acceleration to the lower side but should not go beyond 1.1152. A clear breakout above 1.1252 may culminate into a possible bullish price movements towards 1.1335 or even higher. Trade this pair alongside USD/CHF. These pairs have an exact opposite price action and will move in a different direction during this intraday.

Trade Recommendations:

As long as the pair trades below 1.1253, look for potetial bearish signals,bearish engulfing candles, to go short with an ideal target at 1.1152

Graham Osano
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