During the previous week, the corrective wave (ii) went a bit lower than expected and is now below 110.838. This was a bearish move, but on the monthly chart, this pair is still upwards and chances of continuing even higher are very high. The idea is not to look for a buy order, but to wait for another rise above 110.836 to pick a buy, and that buy is the next impulsive wave (iii) and should go beyond 114.593 towards 117.25. As it is, even a bounce from 108.471 will attract a long term sell towards 104.980.
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