Current upward rally just a retracement | 10 November 2016
10 November 2016, EUR/USD
Wave Analysis
The pair spiked to the lower side following the a massive rise witnessed earlier yesterday. Although we expect further bearish price rally, we choose to sit on the sidelines and wait for more confirmations that a new bearish impulsive rally is developing. The first confirmation was a break below 1.098 and the next should be a breakout below 1.0907. Expect a similar wave count in GBP/USD and EUR/AUD. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday. Only buy or sell Euro if GBP/USD and EUR/AUD are giving are giving the same signal.
Trade Recommendations:
Expect a possible bearish wave count as long as the pair trades below 1.09433. Any clear developments above 1.0987 may invalidate the anticipated downward rally and could culminate into a possible bullish price movements towards 1.1091.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
