Wave Analysis
On the weekly chart attached, our sellers territory is marked by the zone 107.778-108.344, as long as this zone protects the upper side, we expect a possible rebound from it to pick a long term short position. Ideally, we expect the zone to have marked the end of the corrective wave (iv) that any clear movements to the lower side will be the unfolding of the impulsive wave (v) to the lower side but should not go beyond the weekly support level 101.008. This view can only be invalidated in case the price breaks above 108.344, this being the case, we expect a possible rally towards 115.15.
Trade Recommendation:
Wait for a rebound from 107.778-108.344 to pick a short position
Origin: FreshForex
