During the previous trading day, the impulsive wave (c) extended slightly to the upper side but is still several pips below a key daily resistance level 111.560. We still expect an acceleration to the upper side and should break above 111.560, but should not go beyond 114.479. This pair looks bullish on the daily chart, but on the monthly chart, the US Dollar is very bearish and chances of rallying to the lower side are very high. At the moment, we recommend looking for long positions towards 111.560.
Stay long towards 111.560