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Upperside limited as long as below 1.05858

Upperside limited as long as below 1.05858 | 12 December 2016

12 December 2016, EUR/USD

Upperside limited as long as below 1.05858

Wave Analysis:

Following the engulfing candle witnessed on 8th December 2016, Euro traded relentlessly short and is still pretty much bearish on the daily chart. We expect further bearish momentum as long as the price remains below 1.05593; any breach of this level may invalidate the anticipated downward rally and could lead to an acceleration to the upper side but should not go beyond 1.0650. A breakout above this level will push the price further to the upper side. The latter is however, highly unlikely, since other positively correlated pairs, EUR/CHF, EUR/CAD, GBP/USD, EUR/GBP, NZD/USD and AUD/USD, are very bearish and will likely head further to the lower side during this intraday. Only buy or sell Euro if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Expect a possible bearish wave count towards 09920

Bob Stan
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