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Euro pulling back but still bearish

Euro pulling back but still bearish | 03 March 2017

03 March 2017, EUR/USD

Euro pulling back but still bearish

Wave Analysis:

As expected, euro traded massively short and is still petty much bearish both on the shorter and longer time frames. As long as the pair remains below 1.0587, we expect further bearish momentum towards 1.0410 and could break lower to 1.0175. The anticipated bearish price movements is the continuation of the impulsive wave (3) and should extensive in nature. Although we expect further momentum to the lower side, we choose to remain flat momentarily and wait for the current pullback to end around 1.05361 then go short with our previous target still intact. Trade this pair alongside USDCHF and USDJPY. These pairs have a strong negative correlation of up to -85% and will move in opposite price action during this intraday.

Trade Recommendations:

Remain short with an ideal target at 1.04108.

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Bob Stan
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