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Pulling back

Pulling back | 24 May 2017

24 May 2017, EUR/USD

Pulling back

Wave Analysis:

Perfectly as previous;y anticipated, the impulsive wave (5) extended higher but could not go higher than 1.12470. We expect the downward rally that began yesterday to be mere correction of the impulsive wave (5) and should not go beyond 1.11616 from where we'll be looking to rebuy this pair. This view remains valid as long as 1.11616 is not violated, in case of a break below it, then a bearish accelaration towards 1.08695 is inevitable. Expect a similar wave count in GBPUSD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible rebound from 1.11616 to buy Euro with the first target at 1.12470.

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Bob Stan
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