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To continue long

To continue long | 08 May 2017

08 May 2017, EUR/USD

To continue long

Wave Analysis

As expected the impulsive wave (v) traded on the higher ranges and is still pretty much bearish both on the daily and the weekly chart. As long as the pair remains above 1.08649, we expect further bullish momentum towards 1.13 or even higher. This view can only be invalidated in case the pair end up below 1.08649, if this is the case, then an acceleration to the lower side is inevitable. A break below 1.08649 will mean we're short towards 1.05 or even lower. For a couple of days now, this pair seems to have a positive correlation to USDJPY and GBPUSD and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible bullish price movement towards 1.13

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Bob Stan
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