Wave Analysis
According to the monthly chart attached, a key monthly support is seen around 1.12471. We expect the recent bounce from this level to have marked an end to the corrective wave (b) that any clear moves to the upperside will be the continuation of the impulsive wave (c) to the upperside but should not go above the immediate trendline. In case this trendline is broken, then further move towards 1.22033 is expected. As it is, we only recommend looking for buy orders, but should price close below 1.12471 then a sell towards 1.07330 is expected.
Trade Recommendations:
We’re long from 1.12471 towards 1.22033.
Origin: FreshForex
