Wave Analysis:
Perfectly as previously forecasted, the impulsive wave (c) extended just narrowly to the lower side but is still above the short term weekly support line 1.1680. This pair is pretty much bearish following the rejection from 1.1873, but if you’re a bit skeptic to short Eur now, you could wait for a break below 1.1680 to pick a low risk sell opportunity towards 1.1120. The anticipated bearish price rally is mere the continuation of the impulsive wave (c) of the corrective three wave cycle and may break below 1.1120 towards 1.00. This pair should be traded alongside GBPUSD, NZDUSD, AUDUSD, and GBPAUD. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Wait for break below 1.1680 to short this pair towards 1.1120
Origin: FreshForex
