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Bears still in Solid Control

Bears still in Solid Control | 15 December 2017

15 December 2017, EUR/USD

Bearish still in Solid Control

Wave Analysis:

As previously anticipated, the impulsive wave (c) stretched slightly to the lower side and is still pretty much bearish both on the daily and the weekly charts. During this intraday, we expect a possible extension of the impulsive wave (c) to the lower side but should not go beyond the short term support level 1.1673. A break below this support will culminate into a possible bearish price rally but should not violate the support level 1.1120. The Current chart set up looks more appealing for short positions therefore, we recommended looking for clear sell places. This pair should be traded alongside EURAUD, EURCHF, EURNZD, and EURHKD. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

Remain short with the first target at 1.1673 and the next at 1.1120

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Bob Stan
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