04 August 2017, EUR/USD
Wave Analysis
During the previous trading day, the impulsive wave (v) extended very few pips to the upper side but is still showing possible momentum to the upper side. During this intraday, we expect a possible extension of this impulsive wave count to the upper side but should not go beyond 1.1980. A rebound from 1.1980 is highly anticipated since on the monthly chart, this is a key resistance level and will require a big force to break above. Thus, as long as this level protects the upper side, we expect a possible end to the previous 5 wave cycle with the last impulsive wave (v) ending around 1.1980. This pair should be traded alongside GBPUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible rise with an ideal target at 1.1980
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