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Euro retracing lower but still bullish

Euro retracing lower but still bullish | 24 January 2017

24 January 2017, EUR/USD

Euro retracing lower but still bullish

Wave Analysis:

Yesterday, the corrective wave (4) retraced slightly to the lower side but could not go beyond 1.071, and despite the engulfing candle seen yesterday at 08:00, the pair merely tested this level but could still not close below it. We expect the bullish price movements witnessed yesterday at 20:00 to be an onset of the impulsive wave (5) towards 1.0844 but should not go beyond 1.088. In the meantime, we're waiting for the current bearish correction to end around 1.0745 to give us low risk buy opportunities. Any breach of the level 1.0716 may invalidate the anticipated upward rally and could push the price to the lower side. This pair should be traded alongside NZDUSD, AUDUSD and GBPUSD. These pairs have a strong positive correlation of up to +72% and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair remains above 1.07459 expect a possible bullish price movements towards 1.0846. Any break below 1.071 will call for short for positions with an ideal target at 1.06177.

Bob Stan
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