As previously forecasted, the corrective wave (iv) ended a bit earlier than expected and could not go below the support level 1.1177; We expect this level to have marked the end of this correction, that the current upward rally is the continuation of the impulsive wave (v) to the upper side but should not go beyond the monthly resistance 1.1480. Expect a similar wave count in GBPUSD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +86 and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bullish price rally towards 1.1480
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