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Bullish momentum extends above 1.0544

Bullish momentum extends above 1.0544 | 05 January 2017

05 January 2017, EUR/USD

Bullish momentum extends above 1.0544

Wave Analysis:

Yesterday, the pair rebounded perfectly from the short term support level 1.03893, headed long, and is still trading with an increasing bullish momentum. We expect the current price rally to extend further to the upper side and may break above 1.06548, from where we'll be looking for a possible rejection. A break above this level will push the price further to the upper side but should not go beyond 1.13028. At the moment, we're not interested in short orders; either we're long or we stand aside. Expect a similar price action in EURHKD, NZDUSD, AUDUSD, and GBPUSD. These pairs have a strong positive correlation of up to +92% and will have a parallel price action during this intaday.

Trade Recommendations:

Remain long with the first target at 1.06465

Bob Stan
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