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Possible V shape recovery

Possible V shape recovery | 03 January 2017

03 January 2017, EUR/USD

Possible V shape recovery

Wave Analysis:

Following the bullish spike witnessed on 30th December 2016, the pair retraced drastically and will likely continue short as long as it remains below 1.04991. This bearish price rally should be the recovery of the V shape formation and should not go beyond 1.03999. Any clear breakout above 1.05370 may invalidate the anticipated bearish price action and could culminate into a possible bullish momentum towards 1.0655 and possibly higher. Expect an exact similar price action in GBPUSD, EURHKD, NZDUSD and AUDUSD. These pairs will have a similar price action 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 a clear rebound from 1.0499 then go short with an ideal target at 1.04330. Buy positions are only recommended above 1.05370 with a target at 1.065.

Bob Stan
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