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Further bearish momentum developing

17 November 2016, EUR/USD

Further bearish momentum developing

Wave Analysis:

Euro is still hovering near a key level 1.0723 but will likely proceed further to lower side. The current upward rally is a mere retracement and should not close above 1.0723, any clear developments above 1.073 may invalidate the anticipated long term downward rally and could lead to an acceleration towards 1.089. Expect a similar wave count in GBP/USD, and EUR/AUD, and an exact opposite wave count in USD/CHF and USD/JPY. The first two pairs have a strong positive correlation of up to +78% with Euro while the last two pairs have a strong negative correlation to Euro.Only buy or sell Euro if GBP is giving the same signal while USD is giving opposite signal

Trade Recommendations:

If you're not short already, wait for minor pullbacks towards 1.0736 to go short with an ideal target at 1.0498

Graham Osano
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