27 January 2017, EUR/USD
Wave Analysis:
Yesterday, the pair broke below the equilibrium zone, 1.0764-1.0713, headed short and is still pretty much bearish on the daily chart. We're waiting for a retest of the bottom of the equilibrium zone, 1.0713, to go short at low risk. Any clear break above 1.0713 may render futile the anticipated downward rally and could push the price further to the upper side. However, as long as the pair remains below 1.0713, we choose to hold onto a bearish bias sentiment on this pair. Ideally, the fact that the impulsive wave (5) could not close above the end of the motive wave (3), shows lack of momentum to the upper side. While we're short in this pair, we'll also be short in EURHKD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday.
Trade Recommendations:
If you're not short already, wait for minor bullish pullback towards 1.0713 to go short with an ideal target at 1.06177
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