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Euro retracing but should not go beyond 1.06201

Euro retracing but should not go beyond 1.06201 | 14 March 2017

14 March 2017, EUR/USD

Euro retracing but should not go beyond 1.06201

Wave Analysis

Instead of continuing long as previously forecasted, the corrective wave (4) retraced to the lower side but is currently showing signs of possible weak momentum to the lower side. We're waiting for a clear buy signals around 1.06445 to buy the impulsive wave (5) towards 1.07636. Any breach below 1.06445 will push the price further to the lower side but should not go beyond 1.06201 from where we'll be looking to buy the impulsive wave (5) at low risk. Any clear developments below 1.06201 will invalidate the anticipated bullish price rally and could push the price towards 1.05728 or even lower. While we'll be looking to buy this pair around 1.06445, we'll be looking to sell USDCHF around 1.0080. These pairs have a strong negative correlation of up to -85% and will move in exact opposite directions during this intraday.

Trade Recommendations:

Wait for a clear buy signals around 1.06445 or 1.06201 to go long with an ideal taget at 1.07636.

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Bob Stan
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