Wave Analysis:
During the previous trading day, we saw a massive correction of the previous five wave cycle to the upper side but still below 108.620. We expect this upward rally to be the unfolding of a corrective three wave cycle but should not go beyond the 4 hour resistance line 108.620. The last impulsive wave, wave (c), of the current correction may go beyond 108.620, but should not go beyond 110.720. We highly recommend, remaining flat and waiting for a pullback towards 108.810 to buy this pair, or if you’re already long, you could remain long and have your target at 108.620.
Trade Recommendations:
Rebuy the US dollar around 105.810 towards 108.620
Origin: FreshForex
