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Euro Above 1.0765l; we're waiting for minor bearish pullbacks to go long

Euro Above 1.0765l; we're waiting for minor bearish pullbacks to go long | 01 February 2017

01 February 2017, EUR/USD

Euro Above 1.0765l; we're waiting for minor bearish pullbacks to go long

Wave Analysis:

Yesterday, Euro traded massively long and even broke above a key daily resistance level 1.0765 and is currently trading with a bullish bias. Although we expect further momentum to the upper side, we're waiting for minor bearish pullbacks towards the just broken resistance level,1.0765, to go long at a low risk. The anticipated upward rally is the unfolding of the impulsive wave (5) towards 1.0876 but should not go beyond 1.1064. Trade this pair alongside NZDUSD, AUDUSD, GBPUSD, EURHKD and NZDCHF. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday.

Trade Recommendations:

If you're not long already, wait for minor pullbacks towards 1.0755 to go long with an ideal target at 1.1064.

Bob Stan
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