Wave Analysis
After breaking below the Alligator indicator attached, the corrective three wave cycle continued to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. As long as the price remains below this indicator, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is an extension of the impulsive wave (c) and should break below 1.24470 towards 1.21840. Should the price break and close above the blue line of the Alligator, then we will expect a move to the upperside.
Trade Recommendations:
Remain short towards 1.23340.
Origin: FreshForex
