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Remain long

03 November 2016, EUR/USD

Remain long

Wave Analysis

Yesterday, the impulsive wave (5) traded long as anticipated and is still pretty much bullish on the daily chart. During this intraday, we expect a possible bullish wave count towards $1.1144 or even higher. Any clear rebound from the level $1.1144 will call for a bearish corrective three wave cycle towards 1.1055 or even lower. We hope to trade this pair alongside GBP/USD and EUR/AUD. These pairs have a strong positive correlation of up +89% and will have a similar price action during this intraday. Only buy or sell Eur/usd if GBP/USD and EUR/AUD is giving the same signal.

Trade Recommendations:

Remain long with an ideal target at $1.1144. Sell positions are only recommended upon a clear rebound from $1.1144 with an ideal target 1.0990.

Graham Osano
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