Wave Analysis
After Friday’s impulsive move to the upperside, the cable corrected itself to the lowerside but could not break below 1.3220. We expect this downward price rally to be the continuation of a corrective three wave cycle but should not go beyond the daily support 1.3220. If this support is broken, then we expect price to continue even lower and could break below 1.3012 or even lower. But in case of a bounce from 1.3220, then this will give us an ideal place to consider a possible long term buy towards 1.3620.
Trade Recommendations:
Buy the cable with your take profit at 1.3620.
Origin: FreshForex
