Elliott waves analysis – We are sellers towards 1.0035.


Wave Analysis:

During the previous trading days, the price bounced off from the upper trendline and rallied towards the impulsive wave cycle three. It later rebounded from the lower trendline towards the upper side at the corrective wave cycle four. As at now the price is on the upper trendline, I expect a further bearish momentum towards 1.0035 or even much lower in continuation of the impulsive wave cycle five. On the flipside, should the price break above the upper trendline then 1.0155 would be a good place to look for buy positions.

Trade Recommendations:

We are sellers towards 1.0035.

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