Wave Analysis:
During the previous trading day, a slight correction was seen this pair failed to break above it’s previous day’s highest high 1.15846. Instead, the price barely reached 1.15548 and ended up closing below it’s opening price of 1.15517. The previous day’s candle is a perfect bullish inside bar and could signal a possible continuation of the previous bullish price rally. However, we expect a further slight correction to the lower side , this correction is highly anticipated since the intraday stochastic is above its overbought level of 80 and should pullback towards the median level 50. Expect an an exact opposite price action in USDJPY. These pairs have a strong negative correlation of up to -75% and will move in opposite price rally towards during this intraday.
Trade Recommendation:
Expect further bearish corrections with the first target 1.14633 and the next target at 1.12789.
Origin: FreshForex
