09 Marzo 2017, EUR/USD
Wave Analysis:
For the past few days, Euro has been in an overall downtrend not going above the upper resistive trend line. Following the break below the support level 1.05614, the pair traded impulsively to the lower side and is still pretty much bearish both on the daily and the weekly charts. We expect the downward rally that started at 05:00 to be unfolding of the impulsive wave (5) towards 1.05042 and could head further to the lower side. but should not go beyond 1.04. Ideally, as long as the pair remains below the supportive trend line, we expect a possible bearish momentum, a break above this trend line may invalidate the anticipated bearish price rally and could push the price to the upper side. Expect an exact opposite price action in USDCHF and USDJPY.
Trade Recommendations:
Expect a possible a bearish price rally towards 1.05042.
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