26 Juli 2017, EUR/USD
Wave Analysis
During the previous trading day, this pair opened at 1.16389, went as high 1.17110 and as low as 1.16293, but ended up closing at 1.16442. just a few pips above it's opening price. The previous day's candle is a perfect bearish pin bar, and could imply the fall towards 1.14654. The anticipated bearish price rally is mere corrective three wave cycle and should not go beyond 1.14654, a breakout below this level will push the price further to the lower side. This upward rally is highly anticipated since the intraday stochastic is always above its overbought level of 80 and should not remain here for a long time. Expect a similar wave count in GBPUSD, AUDUSD, NZDUSD and EURHKD. These pairs have a strong positive correlation of up to +61% and will move in the same direction during this intraday.
Trade Recommendations.
Expect a possible bearish price rally towards 1.14654