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Expect a rebound from 1.1862

Expect a rebound from 1.1862 | 24 November 2017

24 November 2017, EUR/USD

Expect a rebound from 1.1862

Wave Analysis:

During the previous trading day, euro rose just a few pips to the upper side but is still below the daily resistance level 1.1862, we expect this level to have marked the end of this correction, that any moment from now, we expect a rebound from 1.1862 to short the impulsive wave (c) with the first target at 1.1655 and the next target at 1.1120. This view can only be invalidated in case the corrective wave (b) extend higher above 1.1862, this being the case, we expect further rise upwards. This pair should be traded alongside GBPUSD< GBPCAD< EURHKD and NZDUSD. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade Recommendations:

Expect a rebound from 1.1862 to short the impulsive wave (c) with targets at 1.1655 and the next target at 1.1120

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Bob Stan
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