Wave Analysis:
During the previous trading day, the impulsive wave (5) extended significantly to the upper side and is still pretty much bullish both on the daily and the weekly charts. Today and even in the coming week’s we expect a possible extension to the upper side with an ultimate target at 1.2890. According to the current chart set up and structure, this pair is very bullish and only a long position can be recommended. This view can only be invalidated in case the price end up breaking below 1.2536, this being the case, we expect a drop towards 1.21. This pair will have a similar price action to GBPUSD, NZDUSD and AUDUSD.
Trade Recommendations:
Remain long with an ultimate target at 1.2890
Origin: FreshForex
