31 March 2017, EUR/USD
Wave Analysis:
Yesterday, Euro broke below the support line 1.0738; with a perfect bearish pin bar, headed short but is yet to hit our target take profit at 1.06194. We went short following this breakout and is still holding onto this short position. As long as the pair remains below 1.0738, we expect further an acceleration to the lower side but must not go beyond 1.04547. This view is supported by the fact that the weekly chart is pretty much bearish and is showing signs of engulfing the previous week's candle. Expect a similar wave count in GBPUSD and NZDUSD, these pairs have a strong positive correlation of up to +89% and will move in the same direction during this intraday.
Trade Recommendations:
Remain short with the first target at 1.06194 and the next target at 1.04547.
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