The market has followed our previous analysis (dated 25/5/2023) as expected, completing the formation of the outer impulsive V wave pattern. Given that this impulsive phase was bearish, we anticipate the price to enter a corrective phase characterized by an ABC corrective pattern.
Our projection is for the price to rise, targeting at least our minor wave “a” level of 1.0831. To confirm a potential buy trade, we will wait for the price to form a double bottom at 1.0709 or break above 1.0744 before entering buy orders.
Origin: FreshForex
