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Fresh weekly highs | 30 December 2016

30 December 2016, EUR/USD

Fresh weekly highs

Wave Analysis:

Earlier today, Euro spiked sharply to the upper side and even hit our first and second take profits, 1.05370, 1.06465 respectively. Although this pair looks pretty much bullish, the massive upward rally witnessed earlier today could as well be a mere knee jack and could be short lived. Thus, instead of going long immediately, we choose to sit on the sidelines and wait for a clear upward signals above 1.05370 to give us the green light to continue long. Any close below 1.05313 may invalidate the anticipated upward rally and could culminate into a possible bearish momentum towards 1.04330. Expect a similar wave count in EURHKD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bullish momentum towards 1.06465 as long as the pair remains above 1.05314. Sell positions are only recommended in case of a clear close below 1.05313

Bob Stan
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