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Expect a rebound from 1.1142 to buy euro

Expect a rebound from 1.1142 to buy euro | 20 June 2017

20 June 2017, EUR/USD

Expect a rebound from 1.1142 to buy euro

Wave Analysis:

Instead of going long as previously anticipated, the corrective wave (iv) continued downwards but is still around a key daily support level 1.1142. We're waiting for a clear rebound from this level to buy the impulsive wave (v) with an ideal target at 1.1395. Although this downward rally is highly anticipated, the corrective wave (iv) may extend lower but should not go beyond 1.1100 from where we'll be looking to buy the impulsive wave (v) at least risk possible. In the meantime, we're waiting for a clear breakout above 1.1165 to confirm the anticipated bullish price movements. Expect an exact opposite wave count in USDCHF, and USDJPY. These pairs have a strong negative correlation of up to +84% and will move in exact opposite price action during this intraday.

Trade Recommendations:

Expect a possible bullish price action towards 1.1395

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Bob Stan
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