Euro in a corrective mode
22 November 2016, EUR/USD
Yesterday, Euro rose slightly to the upper side and will likely continue to pull back. The just witnessed upward rally is a mere correction of the impulsive wave (5) and should not go beyond 1.0691. Any clear developments above this level may invalidate the anticipated long term downward rally and could culminate into a possible bullish price movements towards 1.0894 or even higher. In the long run, we expect a breakout below 1.0498 to give us the green light to continue short with this pair. We hope to trade this pair alongside AUD/USD and NZD/USD. These pairs have a strong positive correlation and should have a similar price action during this intraday.
Wait for the current upward correction to end around 1.069 to go short with the first take profit at 1.04987 and the next take profit at 0.09919
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