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Euro fails to sustain the break below 1.04330

Euro fails to sustain the break below 1.04330 | 29 Diciembre 2016

29 Diciembre 2016, EUR/USD

Euro fails to sustain the break below 1.04330

Wave Analysis:

Despite the breakout below 1.04330, euro barely sustained this breakout, instead, the pair is currently retracing to the upper side. As long as this pair remains above 1.04330, we expect a possible bullish wave count to the upper side. The anticipated upward rally is the continuation of the impulsive wave (c) towards 1.05370 or even higher to 1.0650. However, if the pair can break below 1.0427, and possibly below 1.0399, then a bearish wave count towards 0.9990 is inevitable. Expect a similar wave count in GBPUSD, EURHKD, NZDUSD and AUDUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bullish price movements towards 1.0537 and possibly higher to 1.0650. Sell positions are only recommended below 1.0399

Bob Stan
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