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Bulls gaining momentum above 1.0650

Bulls gaining momentum above 1.0650 | 20 January 2017

20 January 2017, EUR/USD

Bulls gaining momentum above 1.0650

Wave Analysis:

Despite the bearish engulfing candle witnessed yesterday at 12:00, Euro could not close below the short term support level 1.0612, instead, the pair rebounded perfectly from this level and ended up forming an opposite pin bar to push the price to the upper side. As long as the pair remains above 1.06506, we expect bulls to gain momentum towards 1.0712. A break above this level will push the price further to the upper side but should not go beyond 1.0872. Any clear rejection from 1.0712 may render futile the anticipated bullish price movements and could push the to the lower side. Expect an exact opposite price action in USDJPY, and USDCHF, these pairs will have exact opposite price action during this intraday.

Trade Recommendations:

We're long with our first target at 1.0712. Sell positions may only be recommended upon a clear rebound from 1.0712 or below 1.06506

Bob Stan
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