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Possible corrections to the upper side

Possible corrections to the upper side | 22 June 2017

22 June 2017, EUR/USD

Possible corrections to the upper side

Wave Analysis

During the previous trading day, the corrective wave (b) extended to the upper side and even broke above the short term resistance level 1.11626. During this intraday, we still expect a possible extension of this corrective wave but should not go beyond the end of the impulsive (v), 1.12859. A breakout above this resistance level may push the price further to the upper side with a target at 1.144. Any bearish candle below 1.12859 may mark the end of the corrective wave (b) and could act as an onset of the impulsive wave (c) towards 1.08649. Expect an exact opposite wave count in USDCHF, and USDJPY. These pairs have a strong negative correlation of up to -74% and will move in opposite directions:

Trade Recommendations:

Expect further bullish correctiosn towards 1.12859

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Bob Stan
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