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Euro above 1.05874

Euro above 1.05874 | 06 March 2017

06 March 2017, EUR/USD

Euro above 1.05874

Wave Analysis:

Instead of going short as previously forecasted, Euro retraced a bit higher than expected and even ended up above 1.05874. Although this pair is still bullish and could trade on the higher ranges during this intraday, we'll only be interested in going long upon minor retracements towards 1.05874. Any clear retracements below 1.05768 may invalidate the anticipated bullish price movements and could push the price to the lower side. As long as this pair remains bullish, we choose tor remain short in USDCHF, USDJPY and CADJPY. These pairs have a strong negative correlation of Euro and will move in opposite price action during this intraday.

Trade Recommendations:

wait for minor bearish pullbacks towards 1.05874 to go long with an ideal target at 1.07682.

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Bob Stan
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