01 March 2017, EUR/USD
Wave Analysis
Yesterday, the correction to the upper side ended a bit earlier than expected and could not go beyond 1.05874. We expect the bearish pin witnessed on the daily chart to be the unfolding of the impulsive wave (3) towards 1.04108 and could head further lower but should not go beyond 1.017550. In the meantime, we're waiting for minor bullish corrections to give us low risk sell opportunities. This view can only be invalidated in case the pair end up above the previous day's highest high, 1.06282; if this should be the case, then we expect a bullish acceleration towards 1.07550. This pair pair should be traded alongside GBPUSD, NZDUSD and AUDUSD. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible bearish price movements towards 1.04108.
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