For the past trading days, the corrective wave (4) extended lower but could not go beyond the level 1.1162, as long as this level protects any violation to the lower side, we expect a possible rebound from this level to buy the impulsive wave (5) towards 1.1533. Any break below 1.1162 may push the impulsive wave (4) further to the lower side but should not go beyond 1.1100 from where we’ll be looking for low risk buy opportunities to long the impulsive wave (5) with an ideal target at 1.1533. Expect a similar wave count in GBPUSD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +87% and will move in the same price action during this intraday.
Expect a possible rebound from 1.1162 to buy this pair towards 1.1533.