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Waiting for a clear break below 1.06643

Waiting for a clear break below 1.06643 | 08 February 2017

08 February 2017, EUR/USD

Waiting for a clear break below 1.06643

Wave Analysis:

Following the slip below the lower supportive trend line, Euro traded massively short and is still petty much bearish on the daily chart. During this intraday, we expect further bearish momentum towards a key short term support level at 1.06288 and will likely break below it. In case of a break below this support level, we'll wait for a break below 1.06115 to confirm the continuation of the downward rally but should not go beyond 1.05536. Any clear rebound around 1.06288 will push the price to the upper side but should not go beyond 1.07644, any breach above 1.07961 will push the price further to the upper side towards our weekly resistance 1.1059. Trade this pair alongside NZDUSD, AUDUSD and GBPUSD. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday.

Trade Recommendations:

Wait for a clear break below the weekly support level 1.06643 to go short with an ideal target at 1.05326

Bob Stan
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