Elliott waves analysis – We are buyers towards 1.0605.


Wave Analysis:

During the previous trading days, the price rebounded from the corrective wave cycle two towards the upper side at the impulsive wave cycle three, but then bounced off towards the lower trendline at the corrective wave cycle four. Right now the price is on the lower trendline, I expect a rebound towards 1.0605 in continuation of the impulsive wave cycle five. However, should the price break above the lower trendline, then we will be sellers. As of now we are buyers.

Trade Recommendations:

We are buyers towards 1.0605.

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