Wave Analysis:
Instead of going long long as previously forecasted, the pair retraced lower than expected and is currently showing signs of rebounding from 1.0608. We expect the upward rally that started 8 hours ago to be the unfolding of the corrective wave (4) and should not go beyond 1.0629 from where we’ll be looking to sell the impulsive wave (5). Even with a retracment towards 1.0629, we’ll only be keen to sell the impulsive wave (5) upon a clear break below 1.0608, otherwise, as long as the pair remains above 1.0612, we choose to remain flat momentarily and expect a clear rebound signal to go long. Trade this pair alongside GBPUSD, these pairs will have a similar price action during this intraday.
Trade Recommendations:
Remain flat momentarily and only go short upon a clear break below 1.0608 with an ideal target at 1.0574.
Origin: FreshForex
