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Euro above 1.0576

Euro above 1.0576 | 28 February 2017

28 February 2017, EUR/USD

Euro above 1.0576

Wave Analysis:

Despite our expectations to continue short short, euro retraced higher and even ended up above 1.05765. The current chart set up and structure is pretty much bullish and will likely push the price further to the upper side towards 1.06717 but should not go beyond 1.07552. A break above 1.07552 will push the price further to the upper side towards 1.08717. This view can only be rendered futile in case the pair end up below 1.05765, if this case, then an acceleration to the lower side is inevitable. This pair should be traded alongside GBPUSD, NZDUSD, and GBPHKD. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bullish price movements towards 1.07552.

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Bob Stan
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