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Sell from 1.1091

08 November 2016, EUR/USD

Sell from 1.1091

Wave Analysis

Yesterday, Euro gapped down below a key support level 1.1091 and is still pretty much bearish on the daily chart. Although we expect a possible acceleration to the lower side, we will only be interested in going short after the current upward pullback is over around 1.1091.That is, we are only interested in selling the impulsive wave (c ) towards 1.0897 or even lower. Any clear developments above 1.11159 may invalidate the anticipated downward rally and could lead to 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 -85% and will move in opposite direction during this intraday.

Trade Recommendations:

if you are not short already, wait and go short from 1.1091 with your stop above 1.1115

Graham Osano
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