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Bulls still in control

Bulls still in control | 16 May 2017

16 May 2017, EUR/USD

Bulls still in control

Wave Analysis:

After rejection from 1.08649, Euro traded on the higher ranges and is still pretty much bullish both on the daily and the weekly charts. During this intraday, we expect further momentum to the upper side towards 1.10559 and could extend higher towards 1.12. The anticipated upward rally is the continuation of the impulsive wave (v) and may extend higher to 1.1297. At the moment, the current chart set and structure shows possible signs of bullish dominance, selling or holding onto a sell position in this pair could be risky and cannot be endorsed. Expect an exact opposite wave count in USDCHF. These pairs have strong negative correlation of up to -89% and will move in opposite direction during this intraday.

Trade Recommendations:

Expect a possible bullish price movements with the first target at 1.10559 and the next target at 1.1297.

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Bob Stan
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