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Expect a possible rebound from 1.06194 to go short

Expect a possible rebound from 1.06194 to go short | 12 April 2017

12 April 2017, EUR/USD

Expect a possible rebound from 1.06194 to go short

Wave Analysis:

Yesterday, the corrective wave (4) pullback to the upper side but is still below a key short term resistant line 1.06194. As long as the price remains below this line, we expect a possible rebound from this line to continue short with the impulsive wave (5) but should not go beyond 1.05867. This view is only valid on the 4H chart, the daily chart, (shown below) is slightly different and shows that the price could head further to the upper side as long as the price remains above the lower resistive trend line.

EURUSD Daily Chart

Expect a possible rebound from 1.06194 to go short

This pair should be traded alongside EURCAD, EURAUD, and GBPUSD. These pairs will have a similar price action during this intraday,

Trade Recommendations:

Expect a possible rebound from 1.06194 to go short with an ideal target at 1.058

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Bob Stan
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