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A break Below the Wedge

14 September 2016, EUR/USD

Wave Analysis

As previously anticipated, the pair broke below the wedge and is currently headed to to the lower side. We expect the current downward rally to be the unfolding of the impulsive wave (c) and should not go beyond 1.1152. A clear breakout below this target may push the price further to the lower side with an ultimate target at 1.111. in the meantime, we wait for retracements to the lower trend line forming bottom of the wedge to give us low risk sell opportunity. Expect a similar impulsive rally in other pairs such as AUD/USD and GBP/USD.

Trade Recommendations:

We are are short from 1.1253 with an ideal target at 1.1152

Graham Osano
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