manager photo
Ask a question
We will be pleased to answer any questions you may have
Write Call
Close
Log in

Remain short

20 October 2016, EUR/USD

Remain short

Wave Analysis

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.

Trade Recommendations:

Remain short with an ideal target at 1.0822. Buy positions are only recommended above 1.1055 with the first target at $1.1146

Graham Osano
See also:
Agree with the review?
Traders' opinion:
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .