Wave Analysis:
During the previous trading day, the impulsive wave (c) stretched slightly to the lower side, but is still way above our first target set at 1.1655. During this intraday, we expect a possible extension of the impulsive wave (c) to the lower side but only after a slight correction to the upper side. Ideally, if you’re a conservative trader, just wait for a slight correction towards 1.1862, then short this pair with your first target at 1.1655 and the next target at 1.1120. This view can only be invalidated in case the anticipated correction rise above 1.1862, if this is the case, then an acceleration towards 1.2095 is expected. This pair should be traded alongside GBPAUD, GBPCHF and AUDAUD. These pairs have a strong positive correlation and will move in the same direction.
Trade Recommendation:
Expect a possible bearish momentum towards 1.1655
Origin: FreshForex
