10 February 2017, EUR/USD
Wave Analysis:
Despite the bullish engulfing candle witnessed yesterday around 8:00 AM, the pair pulled back even lower and is currently below a key short term weekly support level 1.0666. As long as the pair remains below this level, we expect an acceleration to the lower side with our first target at 1.06267, A clear break below this target will mean waiting for a clear breakout below 1.06055 to confirm the continuation of a bearish price rally towards 1.05371. In the meantime, we're waiting for minor pullbacks to the upper side to give us low risk sell opportunities. Expect a similar price action 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 minor pullbacks to the upper side to go short with the first target at 1.0626. A clear break below 1.06055 will push the price further to the lower side but should not go beyond 1.05371.
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