Perfectly as previously forecasted, the corrective wave (iv) could not break below 1.1103, instead this pair rebound just a few pips above this level and is currently heading to the upper side. We expect this upward rally to be the continuation of the impulsive wave (v) to the upper side but should not go beyond 1.1398. A break above this level will push the price further to the upper side but should not go beyond 1.1718. Sell positions can only be recommended upon a clear rebound from 1.1398 or upon a clear break below 1.1103. Expect a similar wave count in GBPUSD, AUDUSD and GBPCAD. These pairs have a strong positive correlation of up to +78% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bullish price rally towards 1.1398
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