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Euro in a corrective mode

Euro in a corrective mode | 06 January 2017

06 January 2017, EUR/USD

Euro in a corrective mode

Wave Analysis:

As expected, the pair broke above 1.0544, headed long but is currently retracing to the lower side. Following the bearish engulfing candle witnessed at 00:00 earlier today, we expect further retracements to the lower side but should not go beyond 1.05441. Any clear invasion below 1.05370 will mean we're headed further to the lower side while a rejection from 1.0544 will mean we're continuing long with the next target at 1.06465. Trade this pair alongside GBPUSD, and EURHKD. As long as these two pairs remain bullish, remain long in EURUSD. These pairs have a strong positive correlation of up to +96% and will have a similar price action during this intraday.

Trade Recommendations:

Wait for the current bearish correction to end around 1.05441 then go long with an ideal target at 1.06465. Sell positions will only be ideal below 1.05370 with your target at 1.03896

Bob Stan
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