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Euro above the 1.0611 handle

Euro above the 1.0611 handle | 17 January 2017

17 January 2017, EUR/USD

Euro above the 1.0611 handle

Wave Analysis:

The corrective wave (2) retraced lower then expected and ended up below 1.06122. However, earlier today, the pair crossed above 1.06122 with a big green candle. We expect this upward spike witnessed to be the unfolding of the impulsive wave (3) towards 1.0754 but should not go beyond 1.08728, a break above this level will push the price further to the upper side. Ideally, as long as the pair remains above 1.06122, we expect a bullish momentum. Any clear retracements below 1.06051 may invalidate the anticipated upward rally and could push the price to the lower side. Expect a similar wave count in NZDUSD, and AUDUSD. Only buy or sell the Euro if the other pairs are giving the same signal.

Trade Recommendations:

Wait for minor bearish pullbacks towards 1.06122 to go long with an ideal target at 1.0754.

Bob Stan
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