Bullish momentum developing | 04 نوفمبر 2016

Wave Analysis

Eventually, the cable has broken above the short term resistance zone 1.2394-1.2438. This pair will likely trade with a bullish bias as long as it remain above $1.2438. Although we expect consolidations around this zone before continuing long, any clear developments below this zone may invalidate the anticipated upward movements and could lead to a possible bearish price movements towards $1.208. Expect a similar wave count in EUR/USD and EUR/AUD. These pairs have a strong positive correlation of up to +80% and will have a similar price action during this intraday.

Trade Recommendations:

As long as the zone 1.2394-1.2438 protects the lower side, expect a possible bullish price movements towards 1.2645 or even higher.