Bearish momentum developing | 02 Maret 2017

02 Maret 2017, EUR/USD

Bearish momentum developing

Wave Analysis:

As expected, euro traded on the lower ranges and is still pretty much bearish both on the daily and the weekly charts. The previous day's candle is a perfect bearish continuation candle and will likely push the price further to the lower side but should not go beyond 1.03403. The anticipated bearish price rally should be the continuation of the impulsive wave (3) towards 1.04108 and should be extensive in nature. In the meantime, we're waiting for minor pullbacks to the upper side to give us low risk sell opportunities. This pair should be traded alongside GBPUSD and NZDUSD. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations:

If you're not short already, wait for minor pullbacks to the upper side to go short with an ideal target at 1.04108.

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Bob Stan
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