We're long | 27 February 2018

Wave Analysis:

The corrective wave (4) is yet to come to clear end. We're waiting for a clear rebound from 1.2184-1.2240 to buy the impulsive wave (5) with my target being 1.2660 and may extend higher to 1.35. This is from the buyers point of view, if the price can break below 1.2240, then we'll wait for another break below 1.2184 to confirm a possible bearish price rally towards 1.1535 or even lower. According to the daily chart above, a bullish rally is highly anticipated. This pair should be traded alongside EURHKD, GBPUSD and EURCHF. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

Look for a long position with your target at 1.35