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Expect a possible bearish price rally

27 September 2016, EUR/USD

Expect a possible bearish price rally

Wace Analysis

Yesterday, Euro tested the resistive zone 1.1243-1.1255 as previously forecasted but is currently trading below 1.1243, as long as this zone protects the upper side, we expect a possible bearish impulsive rally towards 1.1144 or even lower. This view can only be invalidated in case the pair end up breaking above 1.1279, if the latter is the case, then we expect an acceleration towards 1.1324 or even higher to 1.1351. Trade this pair alongside USD/CHF, USD/JPY, and USD/CAD. These pairs have a strong negative correlation and will have an exact opposite price action during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards 1.1144.

Graham Osano
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