Wave Analysis
Yesterday, the corrective wave (b) traded long but is yet to reach our target rebound zone 1.1243-1.1254, we are waiting for minor corrections towards this zone to sell the impulsive wave (c) towards 1.1144. Although this downward rally is highly anticipated upon a clear rebound from 1.1243, we cannot rule out a possibility of a breakout above 1.1254. If the latter is the case, then we expect an acceleration towards 1.1322 or even higher. We look forward to trading this pair alongside USD/CHF, and USD/JPY. This pairs have a strong negative correlation of up to 80% and will have an exact opposite price action during this intraday.
Trade Recommendations:
Sell upon a clear rebound from 1.1243 with an ideal target at 1.1144. Buy positions are only recommended above 1.1254 with your target at 1.1322
Origin: FreshForex
