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Euro still retracing but still above a key daily resistance level 1.0756

Euro still retracing but still above a key daily resistance level 1.0756 | 23 March 2017

23 March 2017, EUR/USD

Euro still retracing but still above a key daily resistance level 1.0756

Wave Analysis:

Euro continues to retrace to the lower side but still above a key resistance level 1.0756. We expect the corrective wave (4) to continue short but should not go beyond 1.07375 from where we'll be looking to re-buy the impulsive wave (5) at a low risk. Although this upward rally is highly anticipated, we'll only be interested in going long upon a clear rebound from 1.07375 or above 1.08272. A break above the latter will push the price further to the upper side towards 1.1053 but should not go beyond 1.1298. This view can only be invalidated in case the corrective wave (4) end up breaking below 1.07292, if this is the case, then an acceleration to the lower side is inevitable. Expect a similar wave count in EURHKD and GBPUSD.

Trade Recommendations:

If you're not long already, wait for a clear rebound from either 1.0756 or 1.07375 to go long with an ideal target at 1.1053

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Bob Stan
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