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Only go long above 1.0739

Only go long above 1.0739 | 21 April 2017

21 April 2017, EUR/USD

Only go long above 1.0739

Wave Analysis:

Yesterday, instead of going long as previously anticipated, the pair traded on the upper side and even hit the highs of 1.0777 but ended up below the short term resistance line 1.0739. Unless there's a clear close above this line, we choose to remain flat but just temporarily. Aclear close above this line, will culminate into a possible bullish impulisive wave count towards 1.0865 or even higher. Ideally, as long as the price remains below 1.0739, expect a possible corrective move to the lower side. Expect a similar wave count in AUDUSD, NZDUSD and GBPUSD. These pairs have a strong positive correlation of up to +89% and will move in the same direction during this intraday.

Trade Recommendations:

Only go long upon a clear breakout above 1.0739.

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Bob Stan
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