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Not going short unless the price gets below 1.07386

Not going short unless the price gets below 1.07386 | 30 March 2017

30 March 2017, EUR/USD

Wave Analysis:

As previously forecasted, euro fell drastically to the but is currently heading towards a key 4H support line 1.07386. This level acted as a key demand level on 20th and 21st on this month, now that the price is approaching it, we expect a possible rebound from it to go long with our first target at 1.08224. A break below this level will push the price further to the lower side but should not go beyond 1.06175. This bearish movements is highly anticipated since the daily chart, shown below, is pretty much bearish and will head further to the lower side during this intraday.

Expect an exact opposite price action in USDCHF and USDJPY

Trade Recommendations:

Wait for a clear break below 1.07386 to go short with an ideal target at 1.06175. A clear rebound from 1.07386 will call for long positions towards 1.08224

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Bob Stan
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