Looking for possible short positions | 12 June 2017
12 June 2017, EUR/USD
Wave Analysis:
Despite our expectations to rebound from the resistance zone 1.1550-1.1237, Euro continues to oscillate around this zone but has not shown clear signs of rebounding from this zone. Although this downward rally is highly anticipated, we're still reluctant to short this pair, instead, we're waiting for a clear signal that this rebound has matured then we're short this pair. The anticipated short position is the continuation of the impulsive wave (5) towards 0.9693 and may extend further. Expect a similar price action in GBPUSD, AUDUSD, and NZDUSD. These pairs have a strong positive correlation of up to +74% and will move in the same direction during this intraday.
Trade Recommendations;
Expect a possible rebound from 1.1550-1.1237 to short this pair towards 0.9693
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