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Struggling to hold above 1.0713

Struggling to hold above 1.0713 | 25 January 2017

25 January 2017, EUR/USD

Struggling to hold above 1.0713

Wave Analysis

Instead of going long as previously forecasted, Euro retraced to the lower side and is currently struggling to hold above 1.0713. As long as this level protects any invasion to the lower side, we expect a possible rebound from this level to buy the impulsive wave (5) towards 1.08. Any breach below, 1.0713 may invalidate the anticipated bullish price movements and could push the price further to the lower side but should not go beyond 1.061. A long term upward rally is highly anticipated since the weekly chart is pretty much bullish but is yet to mature, thus, any clear bullish candle around 1.071 will call for long term bullish position. Expect an exact similar price action in AUDUSD and GBPUSD. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair sustains the break above 1.071, expect a possible bullish price movements towards 1.080

Bob Stan
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