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A possible bullish price rally

22 September 2016, EUR/USD

A possible bullish price rally

Wave Analysis

Instead of going short as previously forecasted, Euro went just a few pips below 1.1152 before crossing back above it. We are waiting for an acceleration above 1.1213 to confirm a possible bullish price rally towards 1.1252. A clear breakout above this level(1.1252) may push the price further to the upper side but should not go beyond 1.13359. Although the upward rally is highly anticipated, we cannot rule out a possible rebound from 1.1252 to go short with an ultimate target at 1.1152. Trade this pair alongside GBP/USD, and NZD/USD. This pairs will have a similar price action during this intraday.

Trade Recommendations:

Remain long now with your stop below 1.1180 and a target at 1.1252.

Graham Osano
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