Despite our expectations to fall during this month, the price of euro continues to consolidate around the upper resistive trend line and is not showing signs of falling any time soon. As long as this trend line protects the upper side, we expect a possible rebound from this trend line to short the impulsive wave (5) with an ideal target at 0.977773. A breakout below this trend line will push the price further to the lower side but should not go beyond 0.73787. This view can only be invalidated in case the price end up above this trend line, if this is the case, then we expect a rise towards 1.19688 from where we’ll get low risk sell opportunities. Expect a similar wave count in GBPUSD, AUDUSD and NZDUSD. These pairs have strong positive correlation of up yo +89% and will move in the same direction during this intraday.
Expect a possible rebound from the immediate trend line to short this pair towards 0.97773