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Still short but in a correction move

Still short but in a correction move | 19 October 2017

19 October 2017, EUR/USD

Wave Analysis

In the previous intra day, the impulsive wave (c) pulled back a bit towards the resistance level 1.1873.Contrary to our expectations of it extending downwards towards our target 1.1120.This should be a temporary pullback which should not go beyond 1.1873.We expect it to re test this resistance level and proceed downwards. However , if the price breaks above 1.1873, the downward move may be invalidated and instead, price could rally upwards. If you are reluctant to sell now you could consider re – selling at 1.1873 This pair has a positive correlation with NZDUSD and AUDUSD hence they should be traded alongside each other.

Trade recommendations.

Re sell at 1.1873.

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Bob Stan
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