27 May 2016, EUR/USD
Wave Analysis
EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded within the rising channel, tested the upper trend line around 16.00 EST but ended up closing within the channel. During this intraday, as long as the pair trades within the rising channel, we expect a rally to the upper side, that the current upward momentum is the continuation of wave (5) and should not close above 1.12177. This view remains valid as long as the pair trades within the channel, a clear break below this channel will lead to an acceleration to the lower side. This pair should be traded alongside NZD/USD, and AUD/USD. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday.
Trade Recommendations:
As long as the pair trades within the rising channel, remain long with you target at 1.12177. A break above this target will call for further long positions with the next target at 1.1283.
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