Wave Analysis:
After rallying intensely to the upper side, the impulsive wave (c) is currently correcting itself to the lower side. The previous day’s candle was a perfect bearish pin bar, but since we’re in an up trend, we expect this pin bar to have been an onset to a corrective rally but should not go beyond 112.435. If you’re not already in a long position, you could wait for this pullback to pick a low risk long position, and if you’re in a long position now, leave this position open with your take profit at 114.00.
Trade Recommendations:
We’re long towards 114.00.
Origin: FreshForex
