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Still long but only upto 1.0698

Still long but only upto 1.0698 | 17 February 2017

17 February 2017, EUR/USD

Still long but only upto 1.0698

Wave Analysis:

As previously forecasted, the impulsive wave (c) traded massively long but is yet to reach our target at 1.0693. We expect further momentum towards this level and could probably break above 1.0710 towards 1.0785. In the meantime, we choose to hold onto a our previous buy position towards our previous target at 1.0693. The anticipated upward rally can only be invalidated in case of a clear rebound from 1.0693, if this is the case, then an acceleration to the lower side towards 1.0699 is inevitable. As long as this pair remains bullish, we choose to remain short in USDCHF and USDJPY. These pairs will have an exact negative price action during this intraday.

Trade Recommendations:

We went long from 1.0619 towards 1.0693. Sell positions may only be recommended upon a clear rebound from 1.0693.

Bob Stan
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