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Remain Flat

20 September 2016, EUR/USD

Remain Flat

Wave Analysis

Yesterday, Euro rose from the support level 1.1152 towards 1.1194 but could not go beyond 1.1252. The current upward rally is mere corrective retracement and should not go beyond the resistance level 1.1230, any clear violation of this level may call for an acceleration to the upper side with an ultimate target at 1.1252. Instead of buying this pair, we sit on the sidelines and wait for a bearish candle around the 1.1230 or 1.12527 to execute sell orders. Alternatively, we could wait for a clear breakout below the support level 1.1152 to sell this pair towards 1.1079. Trade this pair alongside AUD/USD, EUR/HKD and NZD/USD.

Trade Recommendations:

Remain flat for now.

Graham Osano
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