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Indecision

25 October 2016, EUR/USD

Indecision

Wave Analysis:

Yesterday, The Euro opened at $1.08785 but ended up closing at $1.08798, the previous day’s candle is a near perfect indecision candle and chances of moving to the either sides of the market are pretty much equal. Thus, although we expect to continue short with the impulsive wave (c), in the meantime, we choose to sit on the sidelines and wait for a clear direction in the market. We expect a opposite wave count in USD/CHF and USD/JPY. These pairs moved in a opposite direction compared to the euro and will continue to have an exact opposite price action during this intraday.

Trade Recommendations:

Remain flat for now but expect a possible bearish price rally later today.

Graham Osano
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