24 May 2016, EUR/USD
Wave Analysis
EUR/USD is currently trading with a slight bullish bias. Yesterday, the pair broke below the rising channel and is currently trading below a very significant support level 1.12177. We expect the just broken support level to act as a resistance to the current upward rally. A clear breakout above 1.12177 will lead to an acceleration to the upper-side but should not go beyond 1.1283, while a clear rebound from this level will lead to a downward rally towards 1.1166. Ideally, the anticipated downward rally should be the continuation of wave (c) but should not close below 1.1160. This pair should be traded alongside AUD/USD, EUR/HKD and NZD/USD. These pairs have a strong positive correlation of up to +0.95 and will likely move in a similar direction during this intraday.
Trade Recommendations:
As long as the level 1.12177 protects the upper side, look for short positions with your ideal target at 1.1160. A clear breakout above 1.12177 will call for long positions with target at 1.1283 and 1.1324.
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