Elliott waves analysis – We are sellers towards 1.1450.


Wave Analysis:

During the previous trading days, the price rallied from the corrective wave cycle two towards the lower side at the impulsive wave cycle three. The price then rebounded towards the upper side at the corrective wave cycle four where it is currently at, I expect it to bounce back towards 1.1450 in continuation of the impulsive wave cycle five. However, should the price break above the upper trendline clearly then we will be looking for buy positions but as of now we are sellers.

Trade Recommendations:

We are sellers towards 1.1450.

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