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Euro Retracing but still bearish

14 February 2017, EUR/USD

Euro Retracing but still bearish

Wave Analysis:

During the previous trading day, Euro gaped to the lower side, headed further short but is currently pulling back to the upper side. We expect the current upward rally to me a mere retracement and should not go beyond 1.06295 from where we'll be looking for low risk sell opportunities. Any clear retracments above 1.06295 will push the price further to the upper side but should not go beyond 1.06817. This pair should be traded alongside GBPUSD, AUDUSD, NZDUSD and EURHKD. These pairs will have an exact similar wave count during this intraday. Only buy or sell Euro if the other positively correlated pairs are giving the same trade signal.

Trade Recommendations:

We're waiting to go short upon a clear rebound from 1.0629 with an ideal target at 1.04180.

Graham Osano
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