Further correction | 28 Desember 2017

Wave Analysis:

Euro is slowly gaining momentum to the upper side. As we said on the previous forecast, this is just a phase of the larger corrective wave (b) and should not break beyond the resistance level 1.2064. On the daily chart attached, we expect further correction to the upper side with an ultimate target at 1.2064 where we'll be looking to resell the impulsive wave (c) with the first target at 1.1673 and the next target at 1.1120. This pair has a strong positive correlation to EURHKD and a strong negative correlation to CADJPY, HKDJPY and USDJPY. These last three pairs will move exactly opposite to the first pairs, thus, when you'll be looking for a buy on euro be sure to look for an opposite trade on these three.

Trade Recommendations:

Remain long towards 1.2064.