11 November 2016, EUR/USD
Wave Analysis
Euro is currently trading with an increasing bearish momentum. Yesterday, the pair crushed to the lower side and is still pretty much bearish on the daily chart. As long as USD/CHF remains bullish, we expect a possible bearish wave count towards $1.084 or even lower in Euro. The current upward rally is mere retracement and should not go beyond $1.0952 from where we'll be looking for potential low risk sell opportunities. In the meantime, we choose to sit on the sidelines and wait for a clear breakout below $1.0668 or a rebound from $1.0952 to confirm the anticipated bearish bias.
Trade Recommendations:
Conservative traders should wait for a clear breakout below $1.0668 to go short with an ideal target at $1.0495.
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