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Expect a possible retest of 1.05498

Expect a possible retest of 1.05498 | 07 March 2017

07 March 2017, EUR/USD

Expect a possible retest of 1.05498

Wave Analysis

Despite our expectations trade on the higher ranges during the previous trading day, euro fell but not with the same momentum with which it fell on Friday the 3rd. We expect the downward rally witnessed during the previous trading day to be a mere retracements and should not go beyond 1.05498 from where we'll be looking for possible long positions. Any clear break below 1.0500 will mean we're continuing short with the impulsive wave (c) but should not go beyond 1.03979. Expect a similar wave count in GBPUSD and NZDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Conservative traders should wait and go short below 1.0500 with an ideal target at 1.03979.

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Bob Stan
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