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Looking to re-buy the Euro

Looking to re-buy the Euro | 13 January 2017

13 January 2017, EUR/USD

Looking to re-buy the Euro

Wave Analysis:

Yesterday, the pair broke above the resistance level 1.0612, traded massively long but has currently retraced back to it. The 4H chart is pretty much bullish and as long as the pair remains above 1.06064, we expect a possible bullish wave count to the upper side. The anticipated upward rally is the unfolding of the impulsive wave (c) towards 1.067 but should not go beyond 1.087 during this intraday. This view can only be invalidated in case the pair end up below 1.060. If this is the case, then an acceleration to the lower side is inevitable. Expect an exact similar wave count in AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +89% and will have a parallel price action during this intraday.

Trade Recommendations:

Wait for a clear buy signal as long as the pair remains above 1.06122. Sell positions will only be recommended in case the pair end up breaking below 1.060.

Bob Stan
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