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Sell upon a clear rebound from 1.1243-1.1254

Sell upon a clear rebound from 1.1243-1.1254 | 29 September 2016

29 September 2016, EUR/USD

Sell upon a clear rebound from 1.1243-1.1254

Wave Analysis

Yesterday, instead of going short, the corrective wave (b) retraced to the upper side but is yet to reach our ultimate rebound zone 1.1243-1.1255. We are waiting for further retracements to the upper side to sell the impulsive wave (c) towards 1.1144. Although this downward rally is highly anticipated, any clear breakout above 1.1255 may invalidate the anticipated downward rally and could lead to an acceleration towards 1.1322. Trade this pair alongside USD/JPY, USD/CAD, and USD/CHF. These pairs have a strong negative correlation with Euro and will have an exact opposite price action during this intraday.

Trade Recommendations:

Wait for a clear rebound from the zone 1.1243-1.1255 to sell this a pair with an ideal target at 1.1144. Buy positions are only recommended above 1.1255 with an ideal target at 1.1322.

Bob Stan
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