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Euro Below 1.06519 Handle

Euro Below 1.06519 Handle | 19 January 2017

19 January 2017, EUR/USD

Euro Below 1.06519 Handle

Wave Analysis:

Euro retraced lower than expected and even ended up below our previous demand level 1.06519. We expect this level to now act as a supply level as long as the pair remains below it. The current upward rally on the 4H chart is the unfolding of the corrective wave (4) and should not go beyond 1.06519 from where we'll be looking to sell the impulsive wave (5) towards 1.06519. Any correction above 1.06519 may invalidate the anticipated long term bearish price rally and could push the price further to the upper side. USDJPY and USDCHF has an exact opposite price action to the Euro and will move in opposite direction during this intraday. Only sell Euro if the other pairs are showing buy signals.

Trade Recommendations:

Wait for the current upward pullback to end around 1.06519 to go short with an ideal target at 1.06122. Conservative traders can wait for a break below 1.06051 to go short with an ideal target at 1.05481

Bob Stan
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