Wave Analysis:
Yesterday, we saw a slight extension of the impulsive wave (1) to the upper side but is still below our set target. Today, we expect a possible bullish price rally towards 1.3477 or even higher. The anticipated bullish price rally is the continuation of the recent five wave cycle, with an ultimate target at 1.1483. If you’re a bit skeptic to long this pair now, you could wait for price to breakout above 1.3477, then buy the impulsive wave (3) with a target at 1.4198. As long as the price remains above 1.3063, only a buy position can be recommended. This pair should be traded alongside GBPAUD, NZDUSD, AUDUSD and GBPNZD. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendation:
Expect a possible bullish price rally towards 1.3477
Origin: FreshForex
