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Bears eyeing a break below 1.04568

Bears eyeing a break below 1.04568 | 05 December 2016

05 December 2016, EUR/USD

Bears eyeing a break below 1.04568

Wave Analysis:

Earlier today, Euro fell drastically and will likely continue short. We are waiting for minor retracements to the just broken immediate trend line to go short with our first target at 1.05302. Any clear developments below this target, 1.05302, will push the price further to the lower side but should not go below 1.04537 during this intraday. This downward rally is highly anticipated since the previous month's candle, November 2016, pretty much engulfed the August's candle. Thus, during this month, we expect a possible bearish wave count towards 1.9764 and possible lower. Expect a similar wave count in EUR/CHF, EUR/HKD and an exact opposite price action in USD/CHF and USD/JPY.

Trade Recommendations:

Remain short with your first target at 1.0084

Bob Stan
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