Euro fails to sustain a the break below 1.05504 | 13 ديسمبر 2016

Wave Analysis:

Yesterday, Euro opened at 1.05324, went as high as 1.06502 but ended up closing at 1.06334, several pips above it's previous day's opening price. The previous day's candle is a perfect bullish engulfing candle but is currently rallying along a key supply level 1.06623, unless there's a clear breakout above this level, we choose to sit on the sidelines and wait for a clear rebound around 1.06423 to sell the impulsive wave (c). Any clear breach of the level 1.06623 will mean we're headed long towards 1.08817 or even higher. Expect an exact similar wave count in EUR/CHF, AUD/USD, GBP/USD, NZD/USD, EUR/AUD and an exact opposite price action in USD/JPY, and USD/CHF.

Trade Recommendations:

Expect a possible rebound from 1.06466 to go short with the first target at 1.05592. Buy positions are only recommended above 1.06623