During the previous trading day, the corrective wave (b) extended slightly to the upper side but fell drastically earlier today. We expect the level 1.1873 to have marked the end of the this bullish correction, that the current bearish price rally is the continuation of the impulsive wave (c) to the lower side but should not go beyond 1.1120 during this intraday. That said, we expect a possible bearish momentum with our first target at 1.1618 and the last target at 1.1120, if the first target is taken out, then the price could continue to fall. Trade this pair alongside GBPUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation and will move in the same direction during this trading day.
Trade Recommendations:
Look for a short position towards 1.1120. Alternatively, you could wait for a break below 1.1680 to short this pair towards 1.1120.
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