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We're flat momentarily

We're flat momentarily | 31 January 2017

31 January 2017, EUR/USD

Wave Analysis

Yesterday, Euro opened at 1.0720, went as low as 1.0619 but ended up closing at 1.0694, just a few pips below it's opening price but still above the previous day's opening price. We expect further corrections to the upperside but should not go beyond 1.0770 from where we'll be looking to sell the impulsive wave (c ) towards 1.050. Any clear breach above 1.077 may invalidate a possible rejection from 1.077 and could push the price further to the upper side but should not go beyond the monthly pivot 1.097. Expect a similar wave count in EURHKD and GBPUSD. These pairs have a strong positive correlation of up to +91% and will have a similar price action during this intraday.

Trade Recommendations:

Wait for minor pull backs to the upperside to go short with an ideal target at 1.050.

Bob Stan
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