Wave Analysis:
The corrective wave (b) continues to rally to the upper side despite the previous forecast that it could decline. As long as the price remains below the upper trend line and also below the 1.4049, we expect a possible momentum to the lower side and may break below 1.3617 towards 1.34 or even lower. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lowerside but should not go beyond 1.2171. This pair should be traded alongside AUDUSD, GBPHKD and NZDUSD. These pairs will have a similar price action today.
Trade Recommendations:
Expect a short position with an ultimate target at 1.3617
Origin: FreshForex
