Wave Analysis:
Yesterday, Euro retraced a bit lower than expected but could not close below the pivot level 1.0727. Following the bullish rebound from the supportive zone 1.0727-1.0735, we expect a possible bullish price movements towards 1.0773 and possible higher to 1.0827. Although this upward rally is highly anticipated, we’ll only be interested in going long upon a clear breakout above 1.0770, any clear rebound from 1.0770 may invalidate the anticipated bullish price movements and could push the price to the lower side. Expect an exact opposite price action in USDCHF, these pairs have strong negative correlation of up to -71% and will move in opposite direction during this intraday.
Trade Recommendations:
Conservative traders should wait for a clear break above 1.0770 to go long with an ideal target at 1.0827
Origin: FreshForex
