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Bearish pin bar on the daily chart

Bearish pin bar on the daily chart | 16 November 2016

16 November 2016, EUR/USD

Bearish pin bar on the daily chart

Wave Analysis

Yesterday, Euro's daily chart opened at $1.07358, went as high as $1.08151, but ended up closing at $1.07223, just a few pips below it's opening price. The previous day's candle candle is a perfect bearish pin bar, which means, during this intraday, we expect possible bearish momentum towards 1.0617 and possibly lower. At the moment, opening or holding onto buy positions is pretty much risky and could be disastrous in the long run, instead, we choose to remain short with the impulsive wave (5) towards 1.061. Expect a similar wave count in GBP/USD and EUR/AUD. These pairs have a strong positive correlation of up to +82% and will have a parallel price action during this intraday. Only. buy or sell Euro if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Remain short with with in ideal target at 1.05878

Bob Stan
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