20 October 2016, EUR/USD
As anticipated, the pair traded short and is still bearish on the daily chart. Although there maybe minor pullbacks towards $1.1004, we expect further bearish wave count towards $1.0822 or even lower to $1.0701. The current downward rally is the continuation of the impulsive wave (c) with the first target along the red supportive line, $1.0822. Expect an exact opposite wave count in USD/CHF and USD/JPY, these pairs had a strong negative correlation of up to -92% during the previous trading day and will continue moving in opposite direction during this intraday.
Remain short with an ideal target at 1.0822. Buy positions are only recommended above 1.1055 with the first target at $1.1146
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