28 October 2016, EUR/USD
As previously forecasted, Euro rose earlier yesterday, but ended up closing below its opening price. The previous day’s candle is an exhaustion candle around a key pivot level $1.0907. We expect this level to have marked the end of the corrective wave (4), that the current downward rally is the unfolding of the impulsive wave (5) towards $1.0710 or even lower. This view can only be rendered futile in case of a bullish spike above the previous day’s highest high $1.0943. Expect an exact opposite price action in USD/CHF and USD/JPY.
Remain short with an ideal target at 1.07106
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