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Bearish pin bar closing below 1.0764 but above 1.0752

Bearish pin bar closing below 1.0764 but above 1.0752 | 03 February 2017

03 February 2017, EUR/USD

Bearish pin bar closing below 1.0764 but above 1.0752

Wave Analysis

Instead of going long as previously forecasted, the daily candle traded massively long and even hit a key pivot level 1.0829, but ended up closing below a key level 1.0764. The previous day's candle is a perfect bearish pin bar below a key level and will likely push the price to the lowerside as long as the level 1.0764 protects any invasion to the upperside. Although we expect a momentum to the lowerside, we choose to sit on sidelines and only execute sell orders upon a clear break below 1.0752, any bullish pullbacks above 1.0762 may push the price further to the upperside as previously forecasted. Expect an exact opposite price action USDJPY, NZDJPY and USDCHF. These pairs have a strong negative correlation to the Euro and will have an exact opposite price action to euro.

Trade Recommendations:

Remain flat momentarily and only go short upon a clear break below 1.0752. Any clear retracements above 1.0764 will push the price to the upperside as previously forecasted.

Bob Stan
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