Yesterday, Euro dropped almost 100 pips and is still pretty much bearish both on the daily and the weekly charts. We expect the level 1.1017 to have marked the end of the impulsive wave (iii) that the current bearish price rally is the continuation of the corrective wave (iv) but should not go beyond the support level 1.08649 from where we'll be looking to buy the motive wave (v) towards 1.11. This view can only be rendered futile in the case the current bearish pullback end up below 1.08649, if this is the case, then an acceleration to the lower side is inevitable. Expect a similar wave count in GBPUSD, NZDUSD and AUDUSD. These pairs will have a similar price action during this intraday.
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