During the previous trading day, the impulsive wave (c) extended significantly to the lower side and is currently bouncing from a weekly support level 1.14067. As long as the price remains above this level, we expect a possible momentum further to the upperside. The anticipated bullish price rally will be the unfolding of an impulsive five wave cycle and should break above 1.23210 but should not go higher than 1.24910. But should the price breakout below 1.14067, then this will be a good place to look for a short position.
we’re long from 1.14067