03 January 2018, EUR/USD
Wave Analysis:
During the previous trading day, euro rose tremendously but is currently rallying around a key resistance level 1.2064. This is a key resistance level and as long as the price remains below it, we expect a possible double top formation around this level to short this pair with an ultimate target at 1.1673. The recent correction was a flat correction and the fact that it could not break above 1.2064 means there's no momentum to the upperside, thus, we expect possible extension of the impulsive wave (c) to the lowerside with the first target at 1.1673 and the next at. This pair will have a similar price action to EURAUD, GBPUSD, EURHKD and EURMXN. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendation:
Short euro now with the first target at 1.1673 and the next at 1.1120
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