Elliott waves analysis – We are sellers.


Wave Analysis:

Previously the price bounced off from the upper trendline at the corrective wave cycle two towards the lower trendline at the impulsive wave cycle three. The price then rebounded towards the upper trendline at the corrective wave cycle four where its currently rallying around. I expect the price to bounce back to the lower trendline towards 1.1905 in continuation of the impulsive wave cycle five. If you are currently looking at this pair, pick a sell from 1.2114 towards 1.1905.However,should the price break above the upper trendline, then 1.2140 would be a good place to pick a buy from with the first target at 1.2275.

Trade Recommendations:

We are sellers.

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