10 March 2017, EUR/USD
Wave Analysis:
Instead of going short as previously forecasted, the impulsive wave (5) ended a bit earlier than expected and could not go beyond the short term support level 1.05310. The pair then traded massively long and even broke above the upper resistive trend line and also above 1.05751. Following the end of the corrective wave (b) around 1.05751, we expect the current upward rally to be the unfolding of the impulsive wave (c) towards 1.06197 and could go even further to the upper side. This view can only be invalidated in case the pair end up below 1.05614, if this is the case, then an acceleration to the lower side is inevitable. As long as this pair remains bullish, remain long in GBPUSD, NZDUSD and AUDUSD.
Trade Recommendations:
Expect a possible bullish price movements towads 1.06197 or even higher.
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