Wave Analysis
According to the monthly chart attached, the US Dollar appears to be taking a bearish turn. However, from the Envelopes indicator on the weekly chart, this pair is likely headed to the upper side especially if the price can go beyond 113.70. If you’re focusing on trading this pair today, then wait for a clear rise above 113.70, then pick an upward position towards the next key level fixed at 125.020. As it is on the monthly chart, despite the drop being seen, this pair is still bullish and maybe a bit risky to pick a sell at the moment.
Trade Recommendation:
Buy a break above 113.70 with your take profit at 117.115
Origin: FreshForex
