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Consolidation | 27 December 2016

27 December 2016, EUR/USD

Wave Analysis

Instead of going long as previously forecasted, euro continues to consolidate, not going above 1.04890 or below 1.04202. Unless there's a clear breakout out of this consolidation range, we choose to sit on the sidelines and wait for a breakout to go long or short depending on the direction of the breakout. A break above 1.04890 will mean we're continuing long with the impulsive wave (c) towards 1.05370 while a break below 1.03999 may invalidate the anticipated upward rally and could lead to a bearish wave count towards 0.9944. Expect a similar wave count in GBPUSD, AUDUSD, NZDUSD and EURHKD. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday.

Trade Recommendations:

Remain flat for now.

Bob Stan
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