Bearish Momentum Developing
14 November 2016, EUR/USD
During the previous week ending Nov 11th 2016, Euro fell relentlessly to the lower side following the US Election results and will still likely head further to the lower side. Following the breakout below $1.0876, we expect a possible bearish impulsive wave count towards $1.0498 or even lower. Ideally, as long as the level $1.0876 protects the upper side, we expect a possible bearish bias in this pair. This view can only be rendered futile in case the pair end up breaking above $1.0894; if the latter is the case, then we expect a bullish price movements towards $1.1148. Expect a similar wave count in EUR/AUD and GBP/USD. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday.
As long as the pair trades below $1.0876, remain short with an ideal target at $1.0497
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