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Only go short below 1.0503

Only go short below 1.0503 | 18 April 2017

18 April 2017, EUR/USD

Only go short below 1.0503

Wave Analysis:

Following the indecision candle seen on Friday the previous week's trading day, euro traded relentlessly to the upperside and even engulfed the Friday's candle. As at the moment, this pair is trading above a key supportive trendline and also above a key weekly support 1.0503, as long as this pair trades above this trendline, expect a possible momentum to the upperside. A break below this trendline will push the price to the lowerside towards 1.0503 from where we'll be looking for low risk buy opportunities. A break below this level will push the price further to the lowerside towards 1.01. This pair should be traded alongside GBPUSD, AUDUSD and NZDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair remains above 1.0503 wait for a clear rebound to go long with an ideal target at 1.0865. A breach below 1.0500 will call for short positions towards 1.01.

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Bob Stan
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