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Bullish but still range bound

Bullish but still range bound | 28 December 2016

28 December 2016, EUR/USD

Bullish but still range bound

Wave Analysis:

Yesterday, Euro traded massively long but is still within the consolidation range 1.04270-1.04890. Although we expect a possible bullish wave count towards 1.0537, we're hesitant to go long immediately, instead, we're waiting for clear breakout above 1.0537 to confirm the continuation of the upward rally. The current upward rally is the continuation of the impulsive wave (c) and should not go beyond 1.05370 from where we'll be looking for potential low risk sell opportunities. A break above this range will push the price further to the upper side with the next ideal target at 1.06465. Expect a similar wave count in EURHKD and NZDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Remain long with the first target at 1.05370.

Bob Stan
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