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Looking to re-buy euro towards 1.07227

01 December 2016, EUR/USD

Looking to re-buy euro towards 1.07227

Wave Analysis

Unfortunately our stops got taken out when Euro went below 1.06099. This pair traded massively short but could not go beyond the lower trend line, If the current green-bar, on the 4H chart, can close perfectly the way it is, then we've got the green light to re-buy this pair towards 1.07227, otherwise, any clear breakout below the lower trend line is likely to culminate into a possible bearish price movements towards 1.05275 or even lower. As long as the immediate supportive trend line prevents any invasion to the lower side, we expect a possible bullish price action. Expect a similar price action in GBP/USD and EUR/HKD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

As long as the lower trend line prevents any movements to the lower side, expect a possible bullish price action towards 1.07227. Sell positions are only recommended upon a clear breakout below 1.05857.

Graham Osano
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