Ealier toward, Euro gaped up to the upperside but could not go beyond the daily resistance level 1.077. This is a key resistance level and will require alot of force to break above. Thus, as long as the pair remains below 1.077, we expect the level 1.074 to have marked the end of the corrective wave (b) and that the current bearish price rally is the unfolding of the impulsive wave (c) towards 1.062 but should not go beyond 1.040. Any clear breach above 1.077 may render futile the anticipated downward rally and could push the price higher towards 1.1233. Expect a similar wave count in NZDUSD and AUDUSD. These pairs have a strong positive correlation of up to +72% and will have a similar price action during this intraday.
Trade Recommedations:
As long as euro remains below 1.077, expect a possible bearish price movements towards 1.062.
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