Wave Analysis
Earlier today, we saw a 23.6% fib retracement, the price moved slightly to the lower side but could not go beyond the 23.6% fib level, we expect this bounce to have been an end to the corrective wave (iv) that the current bullish price rally is the continuation of the impulsive wave (v) to the upper side and should break above 107.795 towards 110.00 or even higher. This view can only be invalidated in case the price breaks and closes below 23.6, if this is the case, then further momentum to the lower side is expected.
Trade Recommendations:
Remain long towards the previous day’s highest high 107.795.
Origin: FreshForex
