Wave Analysis
Few days ago, the US dollar failed to breakout below the lower trendline. As it is on the daily chart attached, we are waiting for a clear rebound from the lower trendline to pick a possible long term buy position. The anticipated bullish price rally is the continuation of the last impulsive wave (E) to the upperside and should break beyond 110.595 towards 113. 00 and may extend much higher. On the flipside, should the price break below the lower trendline, then this will be a good place to consider a possible long term sell position with the next ideal target set around 108.120 and may extend much lower.
Trade Recommendation:
Watch for a possible buy signal towards 110.90
Origin: FreshForex
