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Bearish Momentum Developing

06 October 2016, EUR/USD

Bearish Momentum Developing

Wave Analysis

Yesterday, the pair traded long during the earlier parts of the day but could not hit our objective resistance zone 1.1255-1.1243. Following the rebound below this resistance zone, we expect the current downward rally to be impulsive in nature but should not go beyond the support level 1.1144. A clear breakout below this level will push the price further to the lower side with the next ideal target at 1.0914. This view can only be rendered futile in case the pair end up breaking above 1.1255. We hope to trade this pair alongside USD/CHF. These pairs will have an exact opposite price action during this intraday.

Trade Recommendations:

Remain short with an ideal target at 1.1144.

Graham Osano
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