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Wait for a clear breakout below 1.1153 to go short

19 September 2016, EUR/USD

Wait for a clear breakout below 1.1153 to go short

Wave Analysis

As previously forecasted, the resistance level 1.1253 held true as a key level and thereby acted as a rebound level. The daily chart is pretty much bearish and will drive the price further to the lower side probably below 1.1079. This view can only be rendered futile in case of a clear rebound from 1.1152. Expect a similar rally in the other positively correlated pairs such as GBP/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.

Trade Recommendations:

Wait for A clear breakout below 1.1152 then go short with an ideal target at 1.1079. Buy positions are only recommended above 1.1152 or along 1.1079.

Graham Osano
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