Wave Analysis:
As expected, Euro rebounded perfectly from the support level 1.0710, headed massively long and even broke above the resistance level 1.0746. This level,1.0746, acted a key retracement between 7th and 9th of February 2017, thus, as long as the pair remains above this level, we expect a possible bullish price movements towards 1.0786 or even higher. The anticipated upward rally is the continuation of the impulsive wave (3), should be extensive in nature but must not go beyond 1.0786. In the meantime, we’re waiting for minor bearish pullbacks to the just broken level to give us low risk buy opportunities with our target still intact at 1.0786. This pair should be traded alongside GBPUSD. For the past few days, these pairs have had a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Wait for minor bearish pullbacks to go long with an ideal target at 1.0786
Origin: FreshForex
