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Bears looking to retest 1.05765

Bears looking to retest 1.05765 | 20 February 2017

20 February 2017, EUR/USD

Wave Analysis:

During the earlier parts of the previous week, Euro fell to the lower side but ended up rebounding from 1.05765, following this rejection, the pair pullback to the upper side but is currently rallying to the lower side, we expect the downward rally witnessed on Friday to be a mere bearish correction and should not go beyond 1.05765 from where we’ll be looking for low risk buy opportunities. Any clear breakout below 1.05725 will mean we’re continuing short with downward rally that started on Feb 6th 2017 but should not go below 1.041. Expect a similar price action in NZDUSD, AUDUSD, EURHKD and GBPUSD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

We’re waiting for a clear rebound from 1.05725 to go long with an ideal target at 1.0769. Sell positions are only recommended upon a clear break below 1.05725 with an ideal target at 1.041

Bob Stan
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