11 July 2017, EUR/USD
Wave Analysis:
As previously forecasted, the impulsive wave (c) extended slightly to the lower side but is yet to give us signs of possible momentum to the lower side. We expect the resistance level 1.14231 to have marked the end of the corrective wave (b) that the current bearish price rally is an onset to the impulsive wave (c) with the first target at 1.12824 and the next target at 1.08649. If you're a bit skeptic to short this pair now, you could wait and pick a short position below 1.12824 with your target at 1.08849. Expect a similar wave count in GBPUSD, AUDUSD, NZDUSD and EURHKD. These pairs have strong positive correlation of up to +82% and will move in the same direction during this intraday. Only buy or sell Euro if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible bearish price rally with the first target at 1.12824 and the next targeta at 1.08649.
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