Bullish pin bar | 18 Juli 2017

Wave Analysis:

During the previous trading day, the daily chart opened at 1.146, went as high as 1.1485 and as low as 1.1433 but ended up closing at 1.1467, just a few pips above it's daily opening price. The previous day's candle is a perfect bullish pin bar closing above a key daily resistance level 1.14646. As long as the price remains above this level, we expect a possible extension of the impulsive wave (v) to the upper side but should not go beyond the next resistance level 1.1713. if this level is broken, then a bullish momentum towards 1.18 is expected. Trade this pair alongside GBPUSD, AUDUSD, NZDUSD and AUDJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible bullish price rally towards 1.1713