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Bulls still in control

Bulls still in control | 13 March 2017

13 March 2017, EUR/USD

Bulls gaining momentum

Wave Analysis:

As expected, following the rebound from 1.05759, The pair traded massively long and even broke above our key resistance level 1.06193, headed further long and is still pretty much bullish both on the daily and the weekly charts. Although we expect further momentum to the upper side, we'll only be interested in continuing long with the impulsive wave (c) upon a clear bearish retracements towards 1.06542 to go long at low risk. A break below this level will mean we're waiting for a break below 1.06201 to confirm the continuation of the bearish price rally. Expect a similar price action in GBPUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation of up to +71% and will have a similar price action during this intraday

Trade Recommendations:
We're still holding onto the long positions we opened at 1.05864.

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Bob Stan
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