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Pulling back in peanuts

Pulling back in peanuts | 08 August 2017

08 August 2017, EUR/USD

Pulling back in peanuts

Wave Analysis

After a drastic drop last week on Friday, euro is recovering upwards but in peanuts. We expect the previous day's upward movements to be a mere corrective wave count and should not rise above the previous week's highest high 1.1912. If this high is broken, then we expect an acceleration to the upper side with the next target at 1.2263.We expect Friday's massive drop to be an onset to a corrective three wave cycle but should not go beyond 1.1471. This pair should be traded alongside GBPUSD, AUDUSD, and NZDUSD. These pairs will have an exact similar price action 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 rally towards 1.1471

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Bob Stan
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