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Remain short as long as below 1.05345

Remain short as long as below 1.05345 | 09 January 2017

09 January 2017, EUR/USD

Remain short as long as below 1.05345

Wave Analysis:
As expected, following the bearish engulfing candle witnessed on 6th Jan 2017, at 12:00, the pair traded massively short and even broke below 1.05345. As long as the pair remains below this level, we expect a bearish acceleration towards 1.03896 and possibly lower. the anticipated bearish price rally should be the continuation of the impulsive wave (c)but should not go lower than1.03828. A key support can be seen around 1.04325 while a key resistance is around 1.06548. If the pair can break above 1.06215, then we expect a bullish momentum towards 1.06548 and possibly higher to 1.0879. But as it appears, as long as the price is below 1.05345, we're only interested in sell orders. Trade this pair alongside NZDUSD, AUDUSD and GBPUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

If you're not short already, wait for a clear breakout below 1.05196 the n go short with an ideal target at 1.03827

Bob Stan
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