Wave Analysis
The US Dollar is correctly consolidating in between the contracting triangular formation. A|s long as the price remains within this shape formation, we choose to remain on the sidelines. As it is on the 4 hours chart, we’re waiting for either a break above the upper trendline to buy this pair towards 107.060 or a break below the supportive trendline to pick a long term sell towards 105.680 or even lower. On its way to the lowerside, the key lines to look for include 106.140, 106.025 and 105.795, if these lines are broken, then further momentum to the lowerside is expected.
Trade Recommendations:
Wait for a break above the upper trendline to pick a buy position.
Origin: FreshForex
