04 October 2017, EUR/USD
Wave Analysis
During the previous trading day, the impulsive wave (c) extended slightly to the lower side but could not go beyond the support zone 1.17131-1.16854. We expect this zone to have marked the end of the corrective three wave cycle that the current bullish price rally is the unfolding of an impulsive five wave cycle to the upper side but should not go beyond 1.20650. this view can only be invalidated in case the price goes below 1.16854, if this is the case, then the price could drop with a target at 1.1370.This pair should be traded alongside CADJPY, NZDJPY, CHFJPY and USDCHF. These pais have a strong negative correlation and will move in different directions during this intraday.
Trade Recommendations:
We're long with a target at 1.20650
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