As previously forecaster, the corrected wave (iv) could not extend below the short term support level 1.1162, instead, this price rebounded perfectly from this level and is currently heading to the upper side. We expect the upward rally that began few days prior to be the unfolding of the impulsive wave (v) to the upperside burt should not go beyond 1.1633. A break above this level will push the price further to the upper side. Expect a similar wave count in GBPUSD, AUSDUSD and NZDUSD. These pairs have a strong positive correlation of up to +70% and will have a similar price action during this intraday. Only buy or sell EURUSD if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible bullish price rally towards 1.1633.
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