13 April 2017, EUR/USD
Wave Analsis:
On 10th April of this month, Euro bounced off from the supportive trend line , headed long but is currently rallying around a key short term resistance line 1.06797. Unless there's a clear close above this level, we choose to remain flat momentarily and expect a possible rebound to go short. A clear break above this level will mean waiting for pullback towards it to buy at low risk with our target at 1.08649. In case of a rebound from 1.06797, we expect an acceleration to the lower side and a possible break below 1.05867. This pair should be traded alongside GBPUSD, AUDUSD and NZDUSD. These pairs will have a similar price action during this intraday. Only buy or sell Euro if the other positively correlated pairs are giving the same signal.
Trade recommendations:
Expect a possible rebound from 1.06797 to go short with an ideal target at 1.05867. Any clear break above 1.06797 will mean going long with an ideal target at 1.08649.
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