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Consolidating above 1.08649 but still bullish

Consolidating above 1.08649 but still bullish | 12 May 2017

12 May 2017, EUR/USD

Consolidating above 1.08649 but still bullish

Wave Analysis

Euro continues to consolidate above 1.08649 despite our expectations to continue long. Although we cannot refute the possibility of Euro breaking below 1.08649, as long as the pair remains above 1.08649, we expect a possible bullish price movements towards 1.10532 or even higher. The anticipated upward rally is the continuation of the impulsive wave (v) and may break above 1.10532. This view can only be rendered futile in case the price end up below 1.08649, if this is the case, then an acceleration to the lower side is inevitable. Expect a similar wave count in GBPUSD, AUDUSD and EURHKD. These pairs will have a similar price action during this intraday

Trade Recommendations:

Expect a possible bullish price movements towards 1.10532

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Bob Stan
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