Wave Analysis
In the recent past, the cable bounced off from the daily support level 1.32991 and is currently heading to the upper side. We expect the rebound from 1.32991 to have marked the end of the impulsive wave (c) that the current upward rally is the unfolding of an impulsive five wave cycle and should break above 1.38200 but should not go above 1.42460. This view can only be invalidated in case the price breaks below 1.32991, if this is the case, then we’ll expect further momentum to the lower side and should not go beyond the next level 1.21712.
Trade Recommendations:
We’re long with our first target at 1.38200
Origin: FreshForex
