18 May 2016, EUR/USD
Wave Analysis
EUR/USD is currently trading with a bearish bias. Yesterday, the pair broke above the resistance level 1.1324, but ended up closing below it. As previously forecasted, we still expect the pair to form a double bottom at the support level 1.1283. Thus, we expect a clear rebound from this support to go long with our target at 1.1324. A clear breakout below this support will invalidate the anticipated double bottom formation and may lead to an acceleration to the lower side. This pair should be traded alongside GBP/USD, AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.
Trade Recommendations:
As long as the support level 1.1283 protects the lower side, look for long positions with your targets at 1.1324 and 1.1368. A clear breakout below 1.1280 will call for shot positions with an ideal target at 1.12177
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