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Corrections | 29 May 2017

29 May 2017, EUR/USD

Corrections

Wave Analysis:

During the previous trading week ending 26th may 2017, the corrective wave (4) traded on the lower ranges but is still within our retracement zone 1.1097-1.1189. As long as this zone protects any invasion to the lower side, we expect a possible rebound from this zone to buy the impulsive wave (5) towards the weekly resistance 1.1455. A break above this resistance line will push the price further to the upper side. Expect a similar wave count in GBPUSD, AUDUSD and NZDUSD. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible rejection from 1.1097-1.1189 to buy this pair towards 1.1455

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Bob Stan
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