During the previous trading day, The able pulled back upwards but ended up closing just a few pips below 1.2726. As we mentioned in our previous forecasts, as long as the price remains below this level, we expect nothing but a possible momentum to the lower side. The anticipated bearish price rally is the continuation of the impulsive wave (c) and should break below 1.2510 towards 1.2100. And on the other side, a break above 1.2264 will trigger a buy position with my ideal target being 1.3301. The idea is to look for a short position as long as the price remains below 1.2768.
We’re short below 1.2768 with our take profit at 1.2100.