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Waiting for a break below 1.05196

Waiting for a break below 1.05196 | 11 January 2017

11 January 2017, EUR/USD

Waiting for a break below 1.05196

Wave Analysis:

As previously forecasted, the double top formation held true but is yet to near it's completion. We still expect further bearish momentum during this intraday but only after a clear breakout below 1.05196. Thus, instead of going short immediately, we choose to remain on the sidelines and only sell below 1.05196. Ideally, a break below this level will mark the continuation of the double top formation but should not go beyond 1.03827. Expect a similar wave count in GBPUSD, AUDUSD, and NZDUSD. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday. Only buy or sell Euro if the other pairs are giving the same signal.

Trade Recommendations:

Wait for a clear breakout below 1.05196 to go short with an ideal target at 1.03896. Buy positions may only be recommended upon a clear rebound above 1.05405. Alternatively, you could wait and buy above 1.06122.

Bob Stan
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