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Remain Long

Remain Long | 10 October 2016

10 October 2016, EUR/USD

Remain Long
Wave Analysis:
During the previous trading week, Euro traded short and even tested the lower trend line forming bottom of the contracting wedge. Following the rebound from this trend line, we expect to continue long with the impulsive wave E but should not go beyond the above the wedge. Any clear breakout above this wedge will push the price further to the upper side with the next target at $1.1322. Trade this pair alongside USD/CHF and USD/JPY. These pairs will have an exact opposite price action during this intraday.

Trade Recommendations:

Remain long with the first target along the upper trend line. Any clear breakout above this trendline will push the price further to upper side with the next target at $1.1322

Bob Stan
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