07 February 2018, EUR/USD
Wave Analysis:
According to the 4 hour chart above, a key support can be seen around 1.2293, as long as this level is not violated to the lower side, we expect a possible bullish price movements to the lower side but should not go beyond 1.2282, which is very good buy place. A break below this level will push the price further to the lower side but should not go beyond 1.2100. The anticipated bearish price rally is the continuation of a corrective three wave cycle but should not go beyond 1.2100. This pair should be traded alongside GBPUSD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +61% and will move in the same direction today.
Trade Recommendations:
Rebuy euro around 1.2293 with your target at 1.2550
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