03 May 2017, EUR/USD
Wave Analysis:
Yesterday at 20:00, the price broke above the upper resistive trend line forming top of the rising wedge and is still above it. We expect this upward rally to be an onset of a five wave cycle with the first impulsive wave (wave (1)) ending around 1.09331. The current bearish rally is the continuation of the corrective wave (2) and should not go beyond the just broken trend line from where we'll be looking to buy the impulsive wave (3) to the upper side. This view can only be rendered futile in case the pair end up below this trend line, if this is the case then we'll wait and buy upon a clear rebound from the lower trend line. Expect a similar wave count in GBPUSD, AUDUSD and NZDUSD. These pairs will have a similar price action during this intraday.
Trade Recommendation:
Buy along the immediate trend line with an ideal target at 1.10210
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