Bearish engulfing candle on the daily chart | 20 December 2016

Yesterday, Euro opened at 1.0441, went as high as 1.0479, and as low as 1.0392 but ended up closing at 1.0401. The previous day's candle pretty much engulfed the previous days candle, (18th December candle) which means, there's still more momentum to the lower side. As long as the pair trades below 1.0410, we expect a possible bearish wave count towards 0.9944 or even lower. In the meantime, we are waiting for a clear breakout below the wedge to confirm the anticipated bearish rally. Expect a similar wave count in EURAUD, GBPUSD and an exact opposite price action in USDJPY, USD/CHF.. The latter pairs have a strong negative correlation with the Euro and will have an exact opposite price action during this intraday