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Go short below 1.05822

23 November 2016, EUR/USD

Go short below 1.05822

Wave Analysis:

Yesterday, Euro opened at 1.0627, went as low as 1.05824 but ended up closing at 1.06262, just a few pips below it's daily opening price. The previous day's candle is pretty much an indecision candle, unless there is a clear breakout above the previous day's highest high, 1.06565, we expect a possible bearish wave count towards 1.04450 or even lower. The anticipated downward rally is the continuation of the impulsive wave (5) to the lower side. Expect a similar wave count in EUR/AUD, NZD/USD, AUD/USD and GBP/USD. These pairs have a strong positive correlation of up to +74% and will have a similar price action during this intraday. Only buy or sell Euro if the other pairs are giving the same signal.

Trade Recommendations:

Unless there is a clear breakout above 1.06565, expect a possible bearish price rally towards 1.044. Alternatively, you can wait and go short below 1.05822 with an ideal target at 1.04545

Graham Osano
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