Perfectly as previously forecasted, the flat corrective wave (b) failed to breakout above the resistance level 1.2058 and is still pretty much below this zone. As long as the price remains below this zone, we expect a possible bearish price movements with the first target at 1.1680. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and should break below 1.1680 but should not go beyond 1.1130. If the last level is broken, then further drop in price is expected. This pair should be traded alongside CADJPY, NZDUSD, GBPUSD and AUDUSD. These pairs have a strong positive correlation and will move in the same direction today.
Remain short with the first target at 1.1680 and the next at 1.1138