Wave Analysis:
Yesterday, the corrective wave (4) stretched significantly to the lower side and is still pretty much bearish both on the lower and the higher time frames. Today, and in the next few days, we expect a possible extension of this correction but should not go beyond our buyers territory seen at 1.2184. If the price can continue to rally to the lower side, then the support seen at 1.2184 will be the best place to buy this pair. However, if its broken, then we expect further decline with an ultimate target at 1.1545. This pair should be traded alongside EURHKD, EURCHF and EURSGD. These pairs have a strong positive correlation of up to +52% and will move in the same direction today.
Trade Recommendations:
Remain short but only up to 1.2184
Origin: FreshForex
