EURUSD – Up Wave Analysis: Instead of going short as previously forecasted, the corrective wave 4 went a bit higher then expected following the NFP results release but ended up as previously forecasted. We expect to continue to the lower side with the impulsive wave 5 but should not go beyond the support level 1.1079. A clear breakout below this support may push the price further to the lower side but should not go beyond 1.1024. Expect a similar impulsive wave in the other positively correlated pairs such EU/HKD and GBP/USD. These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday. Trade Recommendations: Remain short with an ideal target at 1.1079.
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