Instead of going long as previously anticipated, this pair continues to correct downwards but should not descend below the thin green line shown above 1.1177, a break below this line will mean the corrective wave (iv) may extend lower but should not go below 1.1103 from where we'll be looking to buy the impulsive wave (v) a fresh with an ideal target at 1.14. Expect a similar wave count in GBPUSD. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday.
Trade Recommendations:
Remain flat momentarily and wait for clear buy signal to buy the impulsive wave towards 1.14.
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