Eur usd heading towards 1.2277 | 28 Agustus 2017

Last week, the corrective wave (4) rallied lower but could not go below the weekly support level 1.1650. We expect this level to have marked the end of this bearish correction, that the current bullish price rally is the continuation of the impulsive wave (5) to the upper side but should not go beyond 1.2277. If this level is broken, then this impulsive wave (5) could rise even further an ultimate target at 1.25393. While we'll be looking to long this pair we'll equally be looking to long GBPUSD, NZDUSD and NZDUSD. Expect a similar impulsive waves in these pairs. They have a strong positive correlation of up to +71% and will move in the same direction during this intraday.

Long Euro now towards 1.2277