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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
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