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Euro still vulnerable below 1.0489

Euro still vulnerable below 1.0489 | 21 December 2016

21 December 2016, EUR/USD

Euro still vulnerable below 1.0489

Wave Analysis:

Euro continues to plummet to the lower side and will likely head further during this intraday. The anticipated downward rally is the continuation of the impulsive wave (5) but should not go beyond 0.9944. Following the break below 1.0489, we expect further bearish wave count as long as this level limits any invasion to the upper side. Any breach of this level to the upper side, could culminate into a possible bullish momentum but should not go beyond 1.06615. The latter is highly unlikely since the other positively correlated pairs, GBPUSD, NZDUSD, AUDUSD and EURAUD are preparing to continue short, so, as long as these pairs are bearish, we choose to remain short in Euro. Expect an exact opposite wave count in NZDJPY, CADJPY and USDJPY.

Trade Recommendations:

We're still short with the first target at 0.994.

Bob Stan
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