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We're short towards 0.97732

We're short towards 0.97732 | 16 June 2017

16 June 2017, EUR/USD

We're short towards 0.97732

Wave Analysis:

Perfectly as previously forecasted, this pair declined in price following the rebound from the immediate resistive trend line and will likely continue decline. We expect the downward rally that began yesterday to be an onset of the impulsive wave (5) and should not break below the support level 0.97732. Any clear breakout below this support line will push the price further to the lower side. Expect a similar wave count in EURHKD, AUDUSD, NZDUSD and GBPUSD. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday. Only buy or sell EURUSD if the other positively correlated pairs ae giving the same prica action during this intraday.

Trade Recommendation:

Expect a possible bearish price rally towards 0.97732.

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Bob Stan
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