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Remain Flat

18 October 2016, EUR/USD

Remain Flat

Wave Analysis:

Following the massive drop witnessed during the previous trading week, Euro continues to retrace to the upper side but should not go beyond the level $1.1055. Any progression above this level will signal a possible increase in the number of buyers and could culminate into an acceleration to the upper side. In the meantime, we choose to remain flat and only buy above 1.1055 or sell below 1.10048. We hope to trade this pair alongside USD/CHF and USD/JPY. These pairs had a strong negative correlation during the previous trading day and will likely have the same opposite price action during this intraday.

Trade Recommendation:

Remain flat and only sell below 1.1004 with an ideal target at 1.091. Buy positions are only recommended above 1.1055 with a target along the immediate trend line.

Graham Osano
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