Trading Prepare for EUR/USD and GBP/USD for August 10, 2017 888011000 110888 Technical outlook: Once again, the Wave Concept shows how exact it can be if done correctly! The EUR/USD set prints low at 1.1700 and a little lower as expected after breaking out of triangle structure as anticipated, prior to drawing back sharply. We have provided a short-term per hour chart here, which shows that a counter pattern rally remains in place now. After 5 waves down, a 3 wave counter trend rally A-B-C is nicely set up. The set has currently finishes waves A and B as shown here and is on its way to print wave C greater to 1.1820/ 30 levels from here. Immediate assistance is at 1.1687 levels while resistance is at 1.1830 levels respectively. Note that resistance trend line would also be passing through the same levels then. Immediate shortterm structure is to rally and then turn lower again.Trading plan: Please buy now for an upside target of 1.1820/ 30 levels with a stop listed below 1.1687 levels.Period 1-2 days. Then turn lower again.GBP/ USD chart setups: Te The GBP/USD is no different from EUR/USD as talked about here. The wave concept and counts suggest that it has actually completed 5 waves(impulse)lower, from 1.3267 through 1.2950 levels previously. As portrayed on the per hour chart here, the set has wandered sideways for 2 days and is unfolding as a flat at this moment in time. The wave structure from 1.2950 is A-B and each wave sub divides into 3 waves. The next high likelihood wave ought to be on the north side, and sub divides into 5 waves, hence contending for a 3-3-5 restorative wave. Immediate resistance is seen at 1.3060 levels, while assistance is at 1.2950 levels respectively. If the above counts are true, GBPUSD is aiming to push greater to 1.3140 levels from here, before turning lower again.Trading strategy:Please stay long for now, with a stop below 1.2950 levels, targeting 1.3140 levels. Amount of time 1-2 days, then turn lower again.Fundamental outlook: Keep an eye out for MXN Monetary Policy Rate Choice around 0200 PM EST today.Good luck!The material has been provided by InstaForexCompany-www.instaforex.com

By | August 10, 2017

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