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Sell Euro upon a rebound from 1.2064

Sell Euro upon a rebound from 1.2064 | 29 December 2017

29 December 2017, EUR/USD

Sell Euro upon a rebound from 1.2064

Wave Analysis:

During the previous trading day, the corrective wave (b) extended significantly to the upper side and is still pretty much bullish. We expect further bullish momentum but should not break above the resistance level 1.2064. Ideally, we expect a double top formation around 1.2064, which is a good sell place. If this target is broken, then we expect further bullish price rally but should not go beyond 1.30. This pair has a strong positive correlation to EURHKD, GBPUSD, EURMXN and EURAUD. These pairs have a strong positive correlation of up to +71% and will move in the same direction today. Only buy or sell Euro if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Sell Euro upon a rebound from 1.2064

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Bob Stan
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