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Expect a possible bearish price rally

16 September 2016, EUR/USD

Expect a possible bearish price rally

Wave Analysis

As expected, the pair rebounded from the resistance level 1.1253, headed short and is still pretty much bearish on the daily chart. During this intraday, we expect an impulsive rally to the lower side but should not go beyond 1.1152. A clear breakout below this target may push the price further to the lower side. This view can only be rendered futile in case the pair end up breaking above 1.1253, if the latter is the case, then we expect an acceleration to the upper side. Trade this pair alongside AUDUSD and NZD/USD, these pairs will have a parallel price action during this intraday.

Trade Recommendations:

As long as the level 1.1253 protects the upper side, look for potential short positions with an ideal target at 1.1152.

Graham Osano
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