Wave Analysis
Previously, the US Dollar rallied to the upperside but could not go above the upper trendline. We expect the bounce from around 109.50 to have marked an end to the impulsive five wave cycle, that the current bearish price rally is the continuation of a corrective three wave cycle and should break below 108.80 towards 108.20. This view remains valid as long as the price is not above to break above the upper trendline. In case the price breaks above this trendline, then we’ll expect further momentum to the upperside.
Trade Recommendations:
Wait for a low risk sell towards 108.40.
Origin: FreshForex
