Expect Euro to trade on the lower ranges | 05 Septiembre 2016
05 Septiembre 2016, EUR/USD
Wave Analysis:
Instead of going short as previously forecasted, the corrective wave 4 went a bit higher then expected following the NFP results release but ended up as previously forecasted. We expect to continue to the lower side with the impulsive wave 5 but should not go beyond the support level 1.1079. A clear breakout below this support may push the price further to the lower side but should not go beyond 1.1024. Expect a similar impulsive wave in the other positively correlated pairs such EU/HKD and GBP/USD. These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.
Trade Recommendations:
Remain short with an ideal target at 1.1079.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
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Bob Stan
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