Log in

Remain long

04 November 2016, EUR/USD

Remain long

Wave Analysis

The Euro retraced to thew lower side but could not go beyond the end of the inner corrective wave (iv). The just witnessed retrecement is a flat correction, and should not go beyond the support level $1.1055. This pair remains under bullish pressure following the breakout above $1.1055 and will likely head further to the upper side. Expect a similar wave in GBP/USD, the cable broke above a key resistance level $1.2438 and will likely head further to the upper side. As long as the cable remain above $1.2438, expect a possible bullish price movements in Euro. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday.

Trade Recommendations

If you are not long already, wait and buy upon a clear rebound from $1.1055

Graham Osano
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.