Bears Gaining momentum | 09 Agustus 2017

Wave Analysis:

While the intraday stochastic was falling like a brick, the impulsive wave (a) rallied on the lower ranges and is still showing possible momentum to the lower side. We expect this impulsive wave to extend lower but should not go beyond 1.16286. If this level is broken, then we expect further momentum towards 1.0665. If you're a bit skeptic to short this pair right now, you could wait for the corrective wave (b) to end then short the impulsive wave (c) towards the next target at 1.0665. This pair has a strong positive correlation to AUDUSD and NZDUSD and will move in the same direction during this intraday. While you'll be looking to short this pair, look for other sell positions in these two pairs.

Trade Recommendations:

Expect a possible rally towards 1.0665