Wave Analysis:
Ealier today, Euro broke above the previous week’s highest highe, 1.0717, traded on the higher ranges but is currently showing signs of retracing back to it. These pullbacks should be the contunuation of the corecive wave (4) and should not go below 1.0711 from where we’ll be looking to buy the impulsive wave (5) at low risk. Ideally, we expect further bullish momentum towards 1.072 and possibly higher to 1.088; a break above this level will push the price further to the upper side towards 1.09. Sell positions may only be reconsidered upon a clear break below 1.0711. Expect a similar price action in NZDUSD, and AUDUSD. These pairs have a similar price action during this intraday. Only buy or sell Euro if the other positively correlated pairs are giving the same signal.
Trade Recomendations.
If youire not long already, wait for minor bearish pullbacks towards 1.071 to go long with an ideal target at 1.088.
Origin: FreshForex
