On the Sidelines | 27 ديسمبر 2017

Wave Analysis:

Somehow, euro is gaining momentum to the upper side. This is just a phase of the corrective wave (b) and should not rise above the end of the impulsive wave (5), 1.2064. If any clear rally to the upper side is seen, then this will likely culminate into a possible double top formation around 1.2064 which is a good sell place. From the current chart set and structure, we choose to remain on the sidelines and wait for a clear direction, either a rise towards the daily resistance level 1.2064 or a decline towards 1.1673. This pair should be traded alongside EURAUD, EURCHF, and EURHKD. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

On the sidelines