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Expect a rebound from 1.1243-1.1253

26 September 2016, EUR/USD

Expect a rebound from 1.1243-1.1253
Wave Analysis:
As previously forecasted, we still wait for a retest of the daily resistance level 1.1224 to sell Euro with an ideal target at 1.1144. Any clear breakout above 1.1253 may invalidate the anticipated downward rally and could culminate into a possible bullish price rally towards 1.1282 or even higher 1.1322. This is however, highly unlikely since the zone 1.1243-1.1253, has been a key supply zone during the recent past and could likely act as potential sell zone during this intraday. Trade this pair alongside GBP/USD, NZD/USD and AUD/USD.

Trade Recommendations:

Wait for a clear rebound from the zone 1.1243-1.1253 to go short with an ideal target at 1.1144. Buy positions are only recommended above 1.1253 with a target at 1.1282 and the next 1.1322

Graham Osano
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