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Bulls back in control

Bulls back in control | 16 March 2017

16 March 2017, EUR/USD

Bulls back in control

Wave Analysis:

Instead of continuing short as previously forecasted, the pair rebounded perfectly around 1.0612, headed relentlessly to the upper side and is currently stalling below a key weekly resistance level 1.0787. During this intraday, we expect further momentum to the upper side and even a break above 1.0787 towards 1.1062. Although this upward rally is highly anticipated, we'll only be interested in going long after minor bearish retracements towards 1.0714. Expect a similar wave count in GBPUSD and NZDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Wait for minor bearish retracements towards 1.0714 to go long with an ideal target at 1.1062

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Bob Stan
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