Corrective mode | 28 يوليو 2017

Wave Analysis

During the previous trading day, there was a slight correction of the impulsive wave (v) but could extend even lower during this intraday. Since march this year, this pair has been in a constant up trend and is likely to trade even higher during the coming months, thus, the downward rally talked about earlier is just a slight correction of the overall uptrend and should not break below the support level 1.1465. If this level is broken, then this pair could extend even lower. Expect a similar wave could in AUDUSD, GBPUSD, NZDUSD and an opposite price rally in USDCHF, USDJPY and CADJPY. These last pairs have exact opposite price rally to the first three pairs and Euro.

Trade Recommendations:

Expect further bearish corrections towards 1.1465