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Expect a possible rebound from 1.1253

15 September 2016, EUR/USD

Wave Analysis
Instead of going short as previously forecasted, Euro pulled back into our key resistance level 1.1253 but is currently declining in an upward momentum. Unless there is a clear breakout above 1.1253, we expect a possible rebound from this level to go short. The anticipated downward rally should be the completion of the impulsive wave (c) but should not go beyond 1.1152. This pair should be traded alongside AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +.93 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the level 1.1253 protects the upper side, expect a possible rebound from this level(1.1253 to go short with an ideal target at 1.1152

Graham Osano
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