27 October 2016, EUR/USD
Wave Analysis
The Euro continues to retrace to the upper side despite our expectations to continue to the lower side. The current chart set up and structure shows signs of a possible increase in the number of buyers, nonetheless, we expect the current upward rally to be a mere corrective move and should not go beyond $1.1004. Any clear breakout above $1.1055 will lead to a possible bullish price rally towards $1.1279. Expect a similar wave count in GBP/USD. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday.
Trade Recommendations:
Conservative trades should wait for a clear rebound around $1.09720 to sell the impulsive wave (5) towards $1.0716
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