16 December 2016, EUR/USD
Wave Analysis:
As expected, Euro traded massively short upon breaking below 1.06458, but is currently retracing to the upper side. We expect the current upward rally to be a mere pullback and should not go beyond 1.06458 from where we'll be looking for low risk sell opportunities. As long as the level 1.06458 limits any invasion to the upper side, we expect an acceleration to the lower side. This downward rally is highly anticipated since other positively correlated pairs such as EUR/CHF, EUR/AUD, GBPUSD and showing similar bearish bias signals and will likely head to the lower side during this intraday. Thus, as long as the latter pairs remain short, we expect a bearish price rally in Euro.
Trade Recommendations:
Wait for minor pullbacks to the upper side to go short with an ideal target at 1.0175
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