Bullish but wait for corrections | 24 Juli 2017
24 Juli 2017, EUR/USD
Wave Analysis
Following the bullish engulfing candle seen on 20th, the impulsive wave (v) extended even further up and is not showing any signs of pulling back anytime soon. During this intraday, we expect a possible extension of this impulsive wave count towards 1.18 and could extend even higher. in the meantime, a little correction will provide a less risky buy entry place. An exact similar rally should be seen in other positively correlated pairs such as AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +63% and will have an exact similar price action during this intraday.
Trade Recommendations:
Wait for minor pullbacks to the lower side to buy this pair towards 1.18
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
