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Wait for a rebound from $1.1253-$1.1255

03 October 2016, EUR/USD

Wait for a rebound from  $1.1253-$1.1255

Wave Analysis:
During the previous trading day on 30th Sept 2016, Euro retraced to the upper side into our objective resistance zone $1.1253-$1.1255, Unless there is a clear breakout above this zone, we expect a possible rebound from this zone to sell this pair with an ideal target at $1.1144. Any clear breakout above 1.1255 will lead to a possible bullish price movements towards $1.1275 or even higher to $1.1322. Trade this pair alongside USD/JPY, and USD/CHF. These pairs have a strong negative correlation of up to 89% and will have an exact opposite price action during this intraday.

Trade Recommendations:

Expect a possible rebound from the zone $1.1253-$1.1255 to sell this pair with an ideal target at $1.1144. Buy positions are only recommended above $1.1255 with an ideal target at $1.1322.

Graham Osano
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