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Perfect bearish engulfing candle on the daily chart

Perfect bearish engulfing candle on the daily chart | 09 December 2016

09 December 2016, EUR/USD

Perfect bearish engulfing candle on the daily chart

Wave Analysis:

Yesterday, Euro opened at 1.07515, went as high as 1.08719, but ended up closing at 1.06140, several pips below it's weekly opening price. The previous day's candle is a perfect bearish engulfing candle and signals a possible increase of sellers in the market. Although we expect further acceleration to the lower side, we're waiting for a clear breakout below 1.05844 to confirm the continuation of the bearish rally. This downward rally is highly anticipated since EUR/CHF, EUR/CAD and EUR/JPY (positively correlated pairs) had an exact similar engulfing candles during the previous trading day and will likely head to the lower side during this intraday. Only buy or sell Euro if the other pairs are giving the same signal..

Trade Recommendations:

If you're not short already, wait for breakout below 1.05844 to go short with an ideal target at 1.04626.

Bob Stan
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