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Only go short upon a clear break below 1.0503

Only go short upon a clear break below 1.0503 | 14 April 2017

14 April 2017, EUR/USD

Only go short upon a clear break below 1.0503

Wave Analysis:

As previusly forecasted, Euro traded on the lower ranges but is currently rallying above a key supportive trendline forming bottom of the rising channel. Unless there's a clear break below this trendline, we choose to remain jittery about going short in this pair. A break below this trendline will mean waiting for a break below 1.0503 to confirm the continuation of this bearish price rally towards 1.04. A rebound above this trendline will call for long positions with an ideal target at 1.0865. Expect a similar wave count in GBPUSD, AUDUSD and EURHKD. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Only go short below 1.0503 with an ideal target at 1.04.

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Bob Stan
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