Perfectly as previously forecasted, the impulsive wave (c) extended slightly to the lower side and is still showing signs of falling even further. During this intraday and in the coming few days, we expect further extension to the lower side and should breakout below 1.1680. This being the case, we expect further extension to the lower side but should not go beyond 1.1138. This view can only be invalidated in case of a break above 1.2058, but as long as the price is below it, only short positions looks good. This pair should be traded alongside EURAUD, EURHKD, GBPUSD and NZDUSD. These pairs have a strong positive correlation and will move in the same direction today.
Expect a possible bearish price movements towards 1.1680 and the next target at 1.1138