Elliott waves analysis – We are short.


Wave Analysis:

This pair has been trading within the upper and the lower trendline for a while now, recently the price rebounded from the impulsive wave cycle three towards the upper side at the corrective wave cycle four. Right now the price is rallying around the upper trendline, I expect it to bounce back towards 0.9720 in continuation of the impulsive wave cycle five. On the flipside, should the price break above the upper trendline,then 1.0315 would be a good place to pick a buy from with the first ideal target at 1.0570.

Trade Recommendations:

We are short.

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