EUR/USD approaches 1.07227 | 02 December 2016

Wave Analysis

As anticipated, the Euro traded massively long after rebounding from the lower trend line but is yet to hit our target resistance level 1.07227. From yesterday's forecast, nothing has changed much, we still expect further bullish wave count towards 1.07227 and possibly higher. At the moment, sell positions are very risk and could be disastrous in the long run, either sell upon a clear rebound from 1.07227 or below 1.06477. Expect an exact similar wave count in GBP/USD, EUR/HKD and an exact opposite price action in USD/JPY and USD/CHF. Only buy or sell Euro if GBP is giving the same signal while USD/CHF and USD/JPY are giving opposite signal.

Trade Recommendations:

Remain long with an ideal target at 1.07227