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Expect a retest of the resistance level 1.1252

23 September 2016, EUR/USD

Expect a retest of the resistance level 1.1252

Wave Analysis

Yesterday, Euro hit our most expected resistance level 1.1252 but ended up rebounding from it. During this intraday, we expect a retest of this resistance level to confirm the unfolding of a long-term bearish trend. Any clear breakout above 1.1252 may invalidate the anticipated downward trend and could culminate into an impulsive rally to the upper side with an ultimate target at 1.1352. In the meantime, as long as the pair trades below the pivot level 1.1218, we expect a possible bearish price movements towards 1.1152 or even lower. Trade this pair GBP/USD. NZD/USD, AUD/USD and EUR/HKD.

Trade Recommendations:

Wait for pullbacks towards 1.1252 to sell this pair with an ideal target at 1.1152. Buy positions are only recommended above 1.1252 with a target at 1.1335

Graham Osano
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