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Euro in a corrective mode but still bullish

Euro in a corrective mode but still bullish | 22 March 2017

22 March 2017, EUR/USD

Euro in a corrective mode

Wave Analysis:

As previously forecasted, the pair traded massively long following the rebound from 1.07378 and is still pretty much bullish both on the daily and the weekly charts. We expect the downward rally that started later the previous trading day to be a mere retracement and should not go beyond 1.07924 from where we'll be looking to re-buy the impulsive wave (5). A break below this level will push the price further to the lower side but should not go beyond 1.07378 from where we'll be looking to buy at low risk. Expect a similar wave count in GBPUSD and AUDUSD. These pairs have a strong positive correlation of up to +75% and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible rebound from 1.07924 to go long with an ideal target at 1.087. A break below 1.07924 will push the price further to the lower side but should not go beyond 1.07378 from where we'll be looking to rebuy at long risk.

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Bob Stan
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