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A gap above 1.08224

A gap above 1.08224 | 27 March 2017

27 March 2017, EUR/USD

Wave Analysis:

Earlier today, Euro gaped above 1.08224 and is currently showing signs of continuing to the upper side. This is a key daily resistance level and a gap above it means bulls are in complete control, thus, as long as the pair remains above this level, we expect an possible bullish price movements towards 1.09675 or even higher. In the meantime, we're waiting for minor retracements to the just broken level to continue long with the impulsive wave (5) This view can only be rendered futile in case the pair end up breaking below 1.08224, if this is the case, then we'll expect an acceleration to the lower side. While we'll be looking to buy this pair upon retracing towards 1.0822, we'll also be looking to buy the cable. These pairs have a strong positive correlation of up to +89% and will move in the same direction during this intraday.

Trade Recommendations:

If you're not long already, wait for minor bearish retracements towards 1.08224 go long with an ideal target at 1.0967.

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Bob Stan
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