03 April 2017, EUR/USD
Following the break below 1.07373, the impulsive wave (1) traded massively short but could not hit the lows of 1.061, instead, the pair rebounded from around 1.06785, pullback slightly to the upper side but is currently trading below 1.06785. We expect this downward rally to be the continuation of the impulsive wave (3) and should not go beyond 1.061. This downward rally is highly anticipated since the daily, weekly, and monthly charts (shown below) are very much bearish and will head to the same direction during this month. Expect a similar wave count in GBPUSD and AUDUSD. These pairs have a strong positive correlation of up to +85% and will move in the same direction duribng this intraday.
EURUSD Daily Chart
The daily chart is a perfect bearish pin bar supporting the overal downtrend
EURUSD Weekly Chart
Watch out for a clear rebond from 1.05748, a break below 1.04682 will push the price further to the lowerside.
EURUSD Monthly Chart
Monthly Chart is bearish as long as the price remains below 1.2475. We expect a possible bearish price movements towards 0.97737.
Trade Recommendation:
Expect a possible bearish momentum towards 1.061
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