07 Februari 2017, EUR/USD
Wave Analysis:
Instead of going long as previously forecasted, Euro retraced lower than expected and even broke below lower supportive trend line and also below the support line 1.07522. As long as this pair remains below this supportive trend line, we expect an acceleration to the lower side but should not 1.06288. Any bullish pullback above 1.07634 will lead to a continuation of the bullish wave count on the weekly chart but should not go beyond 1.1059. Euro have a strong positive correlation of up to +86% with NZDUSD, AUDUSD and GBPUSD and will have a similar price action during this intraday. Only buy or sell Euro if the other pairs are giving the same signal.
Trade Recommendations:
As long as the pair remains below 1.07522, look for potential sell positions with an ideal target at 1.06288. Any clear pullbacks above 1.07634 will call for long positions with an ideal target at 1.1059.
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