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Euro spiked below 1.0538 but back above

Euro spiked below 1.0538 but back above | 23 February 2017

23 February 2017, EUR/USD

Euro spiked below 1.0538 but back above

Wave Analysis:

Instead of going long as previously forecasted, euro spiked below 1.0534 but has currently retraced above 1.0538. We believe, yesterday's break below 1.0534 was a mere test of this level and that, as long as the pair remains above 1.0538, we expect a possible bullish price action towards 1.0619. Ideally, we are waiting for a perfect pullback of the corrective wave (b) towards 1.0538 to buy the impulsive wave (c) towards 1.0619. Any clear developments below 1.0534 will push the price further to the lower side but we'll only interested in going short below the previous day's lowest low 1.0493. This pair has a strong negative correlation to USDCHF and will have exact opposite price action during this intraday.

Trade Recommendations:

If you're not long already,. wait for minor pullbacks towards 1.0538 to go long with an ideal target at 1.0619.

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Bob Stan
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