Earlier today, Euro gapped above a key resistance level 1.06087, headed long but is currently retreating towards it. We expect the level 1.06513 to have marked the end of the impulsive wave (3) that the current downward rally is the unfolding of the corrective wave (4) and must not go beyond the end of wave (1) from where we'll be looking to buy the next motive wave (5) towards 1.0724. In the meantime, we choose to remain short with the corrective wave (4) towards 1.10687 Expect a similar wave count in NZD/USD, AUD/USD and GBP/USD. These pairs have a strong positive correlation of up to +0.96% and will have a similar price action during intaday.
Trade recommendations:
Expect a possible bearish price rally towards 1.06087
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
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Bob Stan
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