Wave Analysis
On the weekly chart attached, the corrective wave (iv) continues to rally to the upper side but should not go beyond the weekly resistance level 108.34. This extension in correction is highly anticipated but the price may proceed to the lower side without making in further bullish pullbacks. As at now, you could remain flat and wait for a clear sell signal to short this pair. The ideal location to sell this pair is after a rebound from the weekly support level 108.34, your target should be at 101.01.
Trade Recommendation:
If you’re not already in a short position, long term traders should wait for a rebound from 108.34 to pick a short position towards 101.01
Origin: FreshForex
