12 May 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a bullish bias. Yesterday, the pair broke above the descending channel, headed long and even tested the resistance level 1.1438. During this intraday, we still expect further movements to the upper side but should not go above 1.14770, A clear breakout above 1.1477 will push the price further to the upper side. This view can only be invalidated in case the price clearly rebounds from 1.1438. This pair should be traded alongside EUR/GBP, GBP/USD, and NZD/USD. These pairs have a strong positive correlation of up to +0.96 and will likely have a similar price action during this intraday.
Trade Recommendations:
As long as the level 1.1438 protects the upper side, look for possible short positions from 1.1438 with your target at 1.1396. A clear breakout above 1.1438 will call for long positions with a target at 1.1477. A clear a breakout above 1.1477 will call for further long positions with an ideal target at 1.14391.
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