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Only go short below 1.0503

Only go short below 1.0503 | 17 April 2017

17 April 2017, EUR/USD

Only go short below 1.0503
Wave Analysis:
Instead of going short as previously forecasted, Euro closed just a few pips below it's opening price; the previous trading day's candle is a perfect indecision candle above a key support line 1.0503. Unless there's a clear close below this level, we choose to remain flat momentarily and only go short if the price descends below 1.0503, any clear rebound above 1.0503 will mean looking for long position. Expect a similar wave count in EURHKD, GBPUSD and AUDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

We're flat

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Bob Stan
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