30 January 2018, EUR/USD
Wave Analysis:
During the previous trading day, the impulsive wave (c) extended slightly to the lower side and is still pretty much bearish both on the daily and the weekly charts. Today, and in the next few days, we expect a possible extension of the impulsive wave (c) to the lower side and should break below 1.2286 towards 1.2203. According the current chart set and structure, this pair is very bearish and only a short position is recommended with an ultimate target at 1.2203. This pair should be traded alongside GBPUSD, EURHKD, EURMXN. and AUDUSD. These pairs have a strong positive correlation of up to +71% and will move in the same direction today.
Trade Recommendations:
Remain short with an ultimate target at 1.2286
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