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Bulls eying a possible break above 1.07957

Bulls eying a possible break above 1.07957 | 08 December 2016

08 December 2016, EUR/USD

Bulls eying a possible break above 1.07957

Wave Analysis:

Yesterday, the corrective wave (b) barely hit our target support level 1.06826 before heading to the upper side. Although we expect further acceleration towards 1.08837, we're waiting for a clear breakout above 1.07957 to confirm the continuation of the impulsive wave (c) towards 1.08837 and possibly higher. At the moment, sell positions are very risky and could be risky in the long, instead, we hold onto bullish bias sentiment in this pair. Expect a similar wave count in EUR/CHF, GBP/USD, EUR/HKD and an exact opposite price action in USD/CHF, USDJPY, and AUD/JPY. Only buy or sell the Euro if the latter pairs are giving opposite signals to the first pairs.

Trade Recommendations:

If you're not long already, wait for a clear breakout above 1.07957 to go long with the first target at 1.08837.

Bob Stan
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