Wave Analysis:
During the previous trading day, we saw an extension of the corrective wave (b) to the upper side but this p[air is still pretty much bearish on the weekly and the monthly charts. We expect the previous upward rally to be a mere extension of the corrective wave (b) to the upper side and may not go beyond 1.2415 which is a key resistance level for selling the impulsive wave (c) with our target at 1.2042. This pair should be traded alongside GBPUSD, EURHKD, NZDUSD and AUDUSD. These pairs will have a similar price action today.
Trade Recommendation:
we’re still expecting a short position towards 1.2042
Origin: FreshForex
