manager photo
Ask a question
We will be pleased to answer any questions you may have
Write Call
Log in

Current upward rally just a retracement

10 November 2016, EUR/USD

Current upward rally just a retracement

Wave Analysis

The pair spiked to the lower side following the a massive rise witnessed earlier yesterday. Although we expect further bearish price rally, we choose to sit on the sidelines and wait for more confirmations that a new bearish impulsive rally is developing. The first confirmation was a break below 1.098 and the next should be a breakout below 1.0907. Expect a similar wave count in GBP/USD and EUR/AUD. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday. Only buy or sell Euro if GBP/USD and EUR/AUD are giving are giving the same signal.

Trade Recommendations:

Expect a possible bearish wave count as long as the pair trades below 1.09433. Any clear developments above 1.0987 may invalidate the anticipated downward rally and could culminate into a possible bullish price movements towards 1.1091.

Graham Osano
See also:
Agree with the review?
Traders' opinion:
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .