10 May 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading below a very significant support level 1.1396. We expect this support level to act as a resistance to any rally headed upper side. Meaning, as long as the level 1.1396 holds true as a strong resistance level, we expect an acceleration to the lower side. This view can only be invalidated if the price ends up closing above 1.1396. If the latter is the case, then we expect an upward rally. This pair should be traded alongside GBP/USD, AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.96 and will likely have a similar price action during this intraday.
Trade Recommendations:
During this intaday, expect an acceleration to the lower side, as long as the pair trades below 1.1396, remain short with your target at 1.1283. A clear break above 1.1396 will call for long positions with a target the first target at 1.1438 and the next target at 1.1477.
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