Watch for a possible rebound from 1.1280 | 05 Juli 2017

Wave Analysis:

Perfectly as previously forecasted, the corrective three wave cycle extended lower with the impulsive wave (a) still having some pips to fall. During this intraday, we still expect a possible extension of wave (a) but should not go beyond 1.1280 where we'll be waiting for a minor correction to short the impulsive wave (c) to the lower side. If you're not short already, you could wait for a minor pullback to the upper side to short this pair at the least risk. Alternatively, you could wait for a break below 1.1254 to short this pair with a target at 1.1103. Expect a similar wave count in GBPUSD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +81% and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards 1.1280. A break below 1.1254 will push the price further lower with the next target at 1.1103.