Overbought | 31 Agustus 2017

31 Agustus 2017, EUR/USD

Overbought

Wave Analysis

Perfectly according to yesterday's forecast, after the bearish pin bar seen on Monday this week, this pair dropped massively to the lower side and is still showing signs it could fall even further. We expect this downward rally to be a mere corrective wave count seeking to correct the previous five wave cycle but should not go beyond the daily support level 1.1719. If this support is broken, then we expect further drop towards 1.1470. This downward rally is highly anticipated since the intraday stochastic has already picked a momentum to the lower side and is headed towards the 50th level. This pair should be traded alongside GBPUSD and NZDUSD, these pairs on the weekly chart have a strong positive correlation and will move in the same direction.

Trade Recommendations:

Remain short towards 1.1719.

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Bob Stan
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