23 December 2016, EUR/USD
Wave Analysis:
Yesterday around 16:00, Euro spiked violently to the upper side but ended up closing below 1.0444. We were waiting for the corrective wave (b) to rebound from 1.04113 to buy the impulsive wave (c), however, as it appears, the level 1.04270 marked the end of the corrective wave (b) and that the current upward rally could be the unfolding of the impulsive wave (c) towards 1.05313. This view can only be rendered futile in case the pair end up breaking below 1.03999, if this is the case, then an acceleration to the lower side is inevitable. Trade this pair alongside GBPUSD, NZDUSD,AUDUSD, and EURHKD. These pairs have a strong positive correlation of up to +95% and will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible bullish price action towards 1.05313. Sell positions are only recommended below 1.03999 with an ideal target at 0.9944.
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