wave Analysis:
perfectly as previously forecasted, We saw a flat correction, when the corrective wave (b) rose to the upper side but could not go beyond the end of the previous five wave cycle. This is a loss in momentum signal, as long as the zone 1.2293-1.2208 protects the upside, we expect the current bearish price movements to be the continuation of the impulsive wave (c) to the lower side and should not go beyond 1.2080. This downward rally is highly anticipated but we cannot rule out the possibility of price pulling back towards 1.2022 before descending. This pair should be traded alongside EURAUD, GBPUSD and NZDUSD.
Trade Recommendations:
Remain short with your target at 1.2080.
Origin: FreshForex
