Despite the previous forecasts that this pair could rally intensely to the upper side. The US Dollar is still below the short term daily level 111.080. Instead of looking for a sell around 111.080, we’re waiting for a clear breakout above 111.080 to confirm a possible rally to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave (c) and should break above 114.360, but should not go beyond 118.00. At the moment, only buy positions looks more ideal, but if the price should rebound from 111.080 or break below 108.396, then these will be the best places to look for short positions.
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