Wave Analysis
After hitting the resistance level 114.15, the US Dollar pulled back to the lower side but is currently approaching a daily support set at 112.78. As long as this level holds the price to the upper side, we’re waiting for a possible rebound to pick a long term long position with an ultimate target at 114.55, if this target is broken, then further momentum upwards is expected. The anticipated bullish price rally is the continuation of the impulsive wave (5) and should first break above 114.55 before heading towards 118.00.
Trade Recommendations:
Wait for a possible buy from 114.15.
Origin: FreshForex
