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Remain flat momentarily

Remain flat momentarily | 11 April 2017

11 April 2017, EUR/USD

Remain flat momentarily

Wave Analysis

Yesterday, Euro opened at 1.05861, went as high as 1.06056 and as low as 1.05683 but ended up closing at 1.05938. The previous day's candle is a near perfect indecision candle above a significant supportive trend line, unless there's a clear break below this trend line we choose to remain flat momentarily expecting a possible rebound from this trend line to go long with an ideal target at 1.08649. A break below this trend line will the price further to the lower side but should not go beyond 1.03838. This pair should be traded alongside GBPUSD, AUDUSD and NZDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible rebound from the lower trend line to go long with an ideal target at 1.08649. A break below 1.5867 will push the price further to the lower side but should not go beyond 1.03838.

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Bob Stan
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