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Expect a possible bearish price rally

26 October 2016, EUR/USD

Expect a possible bearish price rally

Wave Analysis

During the previous trading week ending 21st Oct 2016, Euro fell relentlessly and is still pretty much bearish on the weekly chart. We expect to continue short during this week, that the current upward rally is mere retracement and should not go beyond $1.10048. Any clear developments above $1.1055 may invalidate the anticipated downward rally and could culminate into a possible bullish price movements towards $1.1279 or even higher. Expect an exact opposite price action in USD/CHF and USD/JPY; these pairs have a strong negative correlation of up to -87% and will move in opposite directions during this intraday.

Trade Recommendations:

Expect a possible bearish price movements towards 1.10822 or even lower.

Graham Osano
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