02 Februari 2017, EUR/USD
Wave Analysis
Yesterday, euro opened at 1.0795, went as low as 1.0729, but ended up closing at 1.0768, just a few pips above a key level 1.0764. Following the breakouit above this daily resistance level,1.0764, we expect further momentum to the upper side as long as this level protects any invasion to the lowerside. The anticipated upward rally is the continuation of the impulsive wave (5) to the upperside but should not go beyond the short term resistance level 1.1064. This view can only be invalidated incase the pair end up below 1.0753, if this is the case, then an accelaration to the lowerside is inevitable. Expect an exact opposite price action in USDCHF and USDJPY. These pairs have a strong negative correlation to the euro and will move in exact opposite directions during this intraday.
Trade Recommendations:
Expect a possible bullish price movements towards 1.1064 as long as the pair remains above 1.0753.
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