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We're short

13 October 2016, EUR/USD

We're short

Wave Analysis:

Yesterday, Euro fell from $1.1055 to $1.1004 and is still trading with a bearish bias on the daily chart. We expect further acceleration to the lower side but only after minor pullbacks to the upper side. At the moment, buying this pair is very risky and may not be fruitful at all. We hope to to trade this pair alongside USD/CHF, and USD/JPY. While Euro was declining in value the previous day, the latter pairs rose in value and may still head further to the upper side, thus, while looking to go short in Euro, we will be keen to go long in usd/jpy and usd/chf.

Trade Recommendations:

Remain short.

Graham Osano
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