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Euro Keeps Strengthening

30 November 2016, EUR/USD

Euro Keeps Strengthening

Wave Analysis:

The previous impulsive wave (c) traded short as previously forecasted but could not go beyond the end of the first wave (a). Instead, the pair traded relentlessly long after hitting the lows of 1.05602 and ended up above the upper trend line. Although we expect further bullish price action, we're waiting for the current corrective wave (b) to rebound from the just broken trend line to buy the motive wave (5) towards 1.07227. This view can only be invalidated in case the current corrective wave (b) end up below the immediate lower trend line. If the latter is the case, then a bearish laceration towards 1.05602 is inevitable. Expect a similar wave count in GBP/USD, NZD/USD, and AUD/USD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Wait for a clear rebound from the immediate supportive trend line to go long with an ideal target at 1.07227

Graham Osano
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