Wave Analysis
On 30th August 2016, the level 101.92 acted as a key demand level thereby driving price almost 200 pips to the upper side. On 7th September 2016, the pair broke below the same level but ended up above it by 8th September 2016. Currently, the pair is finding it hard closing below the same level. As long as this level (101.92) protects the lower side, we expect this level to act as a demand level, which means a clear rebound from this level will call for long positions with an ideal target at 103.26. A clear breakout below this target will push the price to the lower side towards 100.27. Trade this pair alongside USDCHF, CAD/JPY and NZD/JPY.
Trade Recommendations:
Expect a possible rebound from 101.92 to go long with an ideal target at 103.26. Sell positions are only recommended below 101.71 with an ideal target at 100.27.
Origin: FreshForex
