24 November 2016, EUR/USD
EUR/USD is currently trading with an increasing bearish momentum. Following the breakout below 1.05842, we expect further bearish wave count towards 1.0429 and possibly lower . The anticipated downward rally is the continuation of the motive wave (5) and the impulsive wave (c) towards 0.9919. As long as the level 1.05842 protects the upper side, a bearish wave count towards 0.9919 is inevitable. Expect an exact opposite wave count in USD/CHF, USD/JPY and USD/CAD. These pairs have a strong negative correlation of up to -86% and will move in opposite price actions during this intraday. As long as the latter pairs remain bullish, remain short in euro.
We're short from 1.05842 with an ultimate target at 0.9919.
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