Bulls Gaining momentum | 12 July 2017

12 July 2017, EUR/USD

Bulls Gaining momentum

Wave Analysis

Instead of correcting itself downward rally as previously forecasted, Euro slightly corrected itself to the lower side but could not hit the support level 1.12824, instead, we're headed to the upper side. We expect the upward rally to an extension of the impulsive wave (v) to the upper side but should not close above 1.1450. If this level is broken, then we're likely to continue up towards 1.15. Expect a similar price rally in EURHKD, AUDUSD, NZDUSD and GBPUSD. These pairs have a strong positive correlation of up to +65% and will move in the same direction during this intraday. Only buy or sell Euro if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Expect a possible bullish price rally towards 1.15.

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Bob Stan
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