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

Bearish Momentum Developing

24 October 2016, EUR/USD

Bearish Momentum Developing
Wave Analysis:
As anticipated, Euro fell drastically and is still developing a momentum to the lower side. We expect to continue short for the better parts of today and even a possible breakout below 1.0822. A key daily resistance zone can be seen around 1.1036-1.1049, while a key daily supportive zone can seen around the zone $1.0717-$1.0657. The previous week's candle is a bearish trend continuation candle and will drive the market to the lower side for the better parts of the week. Expect an exact opposite wave count in USD/CHF, this pairs will move in an exact opposite direction during this intraday.

Trade Recommendations:

Remain short with an ideal target at 1.10657.

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 .