Elliott waves analysis – We are sellers.


Wave Analysis:

This pair is currently trading on a downtrend, the price has been moving within the upper and the lower trendline for a while now, recently the price rebounded from lower trendline towards the upper side. Right now the price is on the upper trendline, I expect momentum towards the lower side in continuation of the impulsive wave cycle five. On the flipside should the price break above the upper trendline, then we would be looking for buy positions, until then we remain sellers.

Trade Recommendations:

We are sellers.

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