Wave Analysis
For some few days now, the corrective three wave cycle has remained confined within the falling channel formation and is not showing any signs of breaking out of it. As long as the price remains within the falling channel formation, we expect a possible momentum to the lower side. The anticipated bearish price rally is the continuation of the corrective wave three cycle and should break below 109.80 and should break below 109.35. This view can only be invalidated in case the price breaks above 112.00.
Trade Recommendation:
look for a short position.
Origin: FreshForex
