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Minor consolidations below 1.06795 but still bearish

Minor consolidations below 1.06795 but still bearish | 04 April 2017

04 April 2017, EUR/USD

Minor consolidations below 1.06795

Wave Analysis:

Instead of going short as previously forecasted, the pair continues to consolidate below 1.06795 but is still pretty much bearish both on the daily and weekly charts. We're waiting for a clear sell signal below this level, 1.06795, to continues short with the impulsive wave (c) towards 1.06194 or even lower. However, if the price can retrace to the upper side, towards 1.070001, then this will be the best place to pick sell orders. A clear retracement above this level will mean we're waiting for a clear rebound 1.07373 to go short with our ideal target still intact at 1.06194. This bearish price rally is highly anticipated since the daily chart, shown below , is still showing signs of possible momentum to the lower side.

EURUSD Daily Chart

Expect a similar wave count in GBPUSD, AUDUSD and NZDUSD. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards 1.06194.

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Bob Stan
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