13 May 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a slight bullish bias.Yesterday, the pair traded short for the better parts of the day and even ended up closing within the descending channel. Although we expect further momentum to the lower side, we will only sell upon a clear breakout below the support level 1.1368, if the latter is the case, then we'll wait for minor upward pullback to the just crossed level to give us low risk sell opportunities. However, if the pair break above the descending channel, then we'll wait for a break above the zone 1.1392-1.1396 to go long. This pair should be traded alongside GBP/USD, AUD/USD, NZD/USD and EUR/GBP. 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:
Expect a rally to the lower side. If you are not short already, wait for a clear breakout below 1.1368 to go short with your target at 1.1324. However, in case the pair breakout above the channel, then wait for retracements towards 1.1371 to go long with you targets at 1.1392 and 1.1434.
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