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Euro rising relentlessly as the US Dollar falls to fresh weekly lows

09 November 2016, EUR/USD

Wave Analysis:
Earlier this morning, Euro rose relentlessly even as the Us Dollar crush down to fresh new weekly lows. If Trump can be declared the US President by the end of the US Elections, we expect the Euro to continue rising to fresh highs even as the Dollar breaks below its long term support levels. As long as Trump remains in the lead, an upward impulsive rally towards 1.1349 is highly likely. Expect an exact opposite price action in USD/JPY and USD/CHF. The two latter pairs have a strong negative correlation of up to -86% and will have an exact opposite price action during this intraday.

Trade Recommendation:

Conservative traders should wait for the US Elections results. If Trump wins, then expect Euro to continue rising.

Graham Osano
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