30 августа 2017, EUR/USD
Wave Analysis:
During the previous trading day, euro opened at 1.1977, went as high as 1.2069 and as low as 1.1945 but ended up closing at 1.1971, just a few pips below its opening price, The previous day's candle is a perfect bearish pin and could signal a possible reversal to the previous long term up trend. As long as the price remains below its previous day's opening price, we expect a possible corrective rally to the lower side but should not go beyond 1.1719. This downward rally is highly anticipated since the intraday stochastic is already above its overbought level of 80 and will likely rebound to the lower side. This pair will have a similar price action to GBPUSD and NZDUSD. These pairs have a strong positive correlation and will move in the same direction.
Trade Recommendations:
Wait for a sell signal towards 1.1719
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