Wave Analysis:
We’re almost 300 pips into the impulsive wave (c), during the previous trading day, we say a slight bullish correction to the upper side but still below the short term resistance level 1.1680. Now that the price has pulled back to this level, we’re waiting for a clear sell signal to short this pair with our stop loss above the previous day’s highest high 1.1688, and my target at 1.1120. The anticipated bearish price rally is merely the continuation of the impulsive wave (c) and should be extensive in nature. This pair should be traded alongside GBPUSD, NZDUSD, EURAUD and EURHKD. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Look for a low risk short position with your target at 1.1120
Origin: FreshForex
