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Check for a sell position towards 1.1120

Check for a sell position towards 1.1120 | 23 October 2017

23 October 2017, EUR/USD

Check for a sell position towards 1.1120

Wave Analysis.

During the previous intra-day, the impulsive wave (c) extended downwards after a slight correction. We expect this wave to extend further downwards towards the next daily support level at 1.1680.A break below this level confirms the extension of this impulsive wave (c) towards 1.1120. If you are hesitant to sell this pair now, wait for a break below 1.1680 and sell towards 1.1120. This pair should be traded alongside GBPUSD, NZDUSD and AUDUSD since these pairs have a strong positive correlation. Only buy or sell Euro if the other positively correlated pairs are giving the same signal.

Trade Recommendation.

Check for a sell position towards 1.1120 or wait for a break below 1.1680 and sell.

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Bob Stan
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