During the previous week, the immediate corrective three wave cycle extended significantly to the lower side and even went below 1.3128. As long as the price remains below this level, we expect a possible extension to the lower side. The anticipated bearish price is the continuation of the impulsive wave (c) to the lower side but should not go beyond 1.28800. From the previous week’s weekly chart, this pair could rally to the upper side before a move to the lower side. Thus, selling this pair now may not be a prudent idea, rather, you should wait for further correction to the upper side, then pick a low risk short position with an ultimate target at 1.27225.
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