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Bulls preparing to take control

Bulls preparing to take control | 10 May 2017

10 May 2017, EUR/USD

Bulls preparing to take control

Wave Analysis:

As previously forecasted, the corrective wave (iv) extended a bit lower but could not go below 1.08649. For the rebound from this level, we expect a possible bullish wave count towards 1.10532 or even higher. That aside, we expect the level 1.08649 to have marked the end of the previous day's correction that the current upward rally is the unfolding of the impulsive wave (v) and should extend above 1.010532. This view can only be invalidated in case the pair end up below 1.08649, if this should be the case then we expect a possible momentum towards 1.05867. Expect a similar wave count in GBPUSD and an opposite wave count in USDCHF.

Trade Recommendations:

Expect a possible bullish price movements towards 1.10532.

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Bob Stan
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