Bears gaining control | 15 December 2016

As anticipated, the impulsive wave (c) closed slightly above the end of the impulsive wave (a) before heading straight to the lower side. As long as the pair remains below 1.0534, we expect a continuation of the bearish impulsive wave count to the lower side and may break below 1.000. At the moment, executing buy orders or holding onto long positions in this pair may not be safe at all. Instead, we choose to hold onto a bearish bias in this pair. Expect a similar wave count in GBP/USD, NZD/USD, AUD/USD and an exact opposite price action in USD/JPY, USD/CHF and NZD/JPY. Only buy or sell Euro if the latter pairs are giving exact opposite signs from the first three pairs.