Wave Analysis
Earlier this week, the US Dollar continued to the upperside but could not break above the upper trendline, while the price is not able to close above the upper trendline, we are waiting for a bounce from this trendline to pick a sell order. The anticipated bearish price rally is the continuation of a corrective three wave cycle and could see price break and close below 107.676 towards 107.400. This view can only be invalidated in case the price breaks and closes above the upper trendline, if this is the case, then further momentum to the upperside is expected towards 110.00.
Trade Recommendations:
Remain short with your target around 107.555.
Origin: FreshForex
