Wave Analysis:
The corrective wave (4) continues to rally around a key monthly resistance zone 1.1550-1.1186. As long as this zone is not violated to the upper side, we expect a possible rebound from this zone to sell the impulsive wave (5) to the lower side with the first target at 0.9699 and the next target at 0.9500. A breakout above this zone will mean we’re continuing long towards the next target at 1.2797. Expect a similar wave count in GBPUSD, EURHKD and AUDUSD. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday. Only buy or sell EURUSD if the other positively correlated pairs are giving the same signal
Trade Recommendations:
Expect a possible rebound from 1.1550-1.1186 to short this pair with an ideal target at 0.9699
Origin: FreshForex
