14 December 2016, EUR/USD
Wave Analysis:
Since our previous analysis, nothing has changed much, the Euro is still stalling below 1.06465 but is yet to break above it or rebound perfectly from it. Unless, there's a clear breakout above 1.06465, we expect the level 1.06465 to have marked the end of the corrective wave (b) and that the bearish pin bar witnessed yesterday at 16:00 is a possible signal of the unfolding impulsive wave (c) to the lower side.As long as the pair remains below 1.06465, we expect a possible bearish price rally towards 1.05592 and possibly lower. Expect an exact similar price action in GBPUSD, EURCAD, EURAUD, NZDUSD, AUDUSD and an exact opposite wave count in USDJPY, USDCHF and CAD/JPY.
Trade Recommendations:
As long as the level 1.06465 limits invasion to the upper side, expect a possible rebound from this level to go short with the first target at 1.05592 and the next target at 1.04603. Buy positions are only recommended upon a clear breakout above 1.06465.
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