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Euro trading around a monthly resistance 1.1248

Euro trading around a monthly resistance 1.1248 | 19 May 2017

19 May 2017, EUR/USD

Euro trading around a monthly resistance 1.1248
Wave Analysis:
For almost a week, this pair has been rising but is currently rallying around a key monthly resistance line 1.1248. As long as this resistance line protects any invasion to the upper side, we expect a possible rebound from this level to sell this pair at the least risk. The anticipated sell position is the continuation of the impulsive wave (5) but should not go beyond 0.9693. A break below 0.9693 will push the price the further to the lower side. Expect a similar wave count in EURHKD. These pairs have a strong positive correlation of up to +96% and will move in the same direction during this intreday.
Trade Recommendations:

Expect a possible rebound from 1.1248 to go short with an ideal target at 0.9693

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Bob Stan
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