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Expect a possible rally to the upperside

09 September 2016, EUR/USD

Expect a possible rally to the upperside
Wave analysis:
Unfortunately, our stop got hit when the pair ended up above 1.1268, following the breakout above the resistance level 1.1252, we expect an acceleration to the upper side but should not go beyond 1.1335, in the meantime, we sit on the sidelines and wait for retracements to the just broken resistance level 1.1252 to give us low risk buy opportunities. Expect a similar correction in EUR/HKD and AUD/USD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

Remain flat for now and wait for retracement towards 1.1252 to give you low risk buy opportunities with an ideal target at 1.1335

Graham Osano
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