07 September 2017, EUR/USD
Wave Analysis
During the previous trading day, the corrective wave (b) extended to the higher side but should not go beyond 1.1978 where we'll be looking to sell the impulsive wave (c) with a first target at 1.1658. Overally, this pair is in an up trend, and therefore the just stated short position is only suitable for short term traders. If you're a long term trader, wait for a pullback towards 1.1658 to buy euro with your target at 1.22. This view can only be rendered futile in case the price goes clearly below 1.1658, if this should be the case, then a bearish wave count towards 1.1461 is inevitable. This pair will be traded alongside GBPUSD, AUDUSD, and NZDUSD. Other than nzdusd, the other two pairs have a strong bullish candle on their weekly charts.
Trade Recommendations:
Wait and buy euro at 1.1658.
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