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Euro preparing to continue long

Euro preparing to continue long | 16 January 2017

16 January 2017, EUR/USD

Euro preparing to continue long

Wave Analysis:

As anticipated, the corrective wave (2) rebounded perfectly from the support level 1.0612, headed long and is still pretty much bullish both on the 4H chart and on the higher time frames chart. We expect the upward rally witnessed during the previous trading day on Jan 13th 2017 to be the unfolding of the impulsive wave (3) to the upper side but should not go beyond 1.0869 during this intraday. Although the upward rally is highly anticipated, we’ll only be interested in going long upon a clear break above 1.06509. A long as the pair remains above 1.06122 we ex[pect a bullish momentum. Expect an exact opposite wave count in USDCHF and USDJPY. These pairs have an exact opposite price action to the Euro and will move in opposite price action during this intraday.

Trade Recommendations:

If you’re not long wait and go long above 1.06509 with an ideal target at 1.0869

Bob Stan
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