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Short | 31 October 2017

31 October 2017, EUR/USD

Wave analysis

In the previous intraday, the impulsive wave (c) pulled back towards the just broken daily support level 1.1680. This pull back is expected to be just temporary and should not go beyond 1.1680.The bears are expected to be back in the market soon to push this impulsive wave (c) towards 1.1120.If price remains below 1.1680, the impulsive wave (c) is expected to extend downwards 1.1120. Although this bearish price rally is much anticipated, a break above 1.1680 may invalidate this trade.Look for a short position to short this pair with an ideal target at 1.1120.This pair should be traded alongside GBPUSD, NZDUSD, AUDUSD, and GBPAUD. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade recommendation.

Sell EUR with take profit at 1.1120

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Bob Stan
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