Wave Analysis:
After a rise during the previous trading day, the corrective wave (iv) is showing signs of not going above 107.78. As long as this level protects the upper side, we expect a possible rebound from this level to pick a short position. The anticipated bearish price rally will be the continuation of the impulsive wave (v) to the lower side but should not go beyond the 101.01 handle. This view can only eb invalidated in case the price breaks above 107.78, this being the case, we’ll expect the corrective wave (iv) to continue upwards towards 108.34 where we’ll be looking to sell the impulsive wave (v).
Trade Recommendation:
Watch for a possible sell around 107.78 towards 101.01
Origin: FreshForex
