Corrections | 27 June 2017

Wave Analysis:

The corrective wave (b) continues to climb higher but should not go beyond 1.1233-1.1280. During this trading we expect a possible extension of this correction to the upper side but should not go beyond 1.1280, a break above this level will push the price further to the upper side but should not go beyond 1.1398. According to the current chart set up and structures, long positions looks more ideal as long as 1.1280 is not broken. We expect the corrective wave (b) top end around 1.1280 to short the impulsive wave (c) to the lower side with the first target at 1.1103 and the next target at 1.0865. Expect a similar wave count in GBPUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible rebound from 1.1233-1.1280 to short euro with an ideal target at 1.1103