For a good whole week, this pair crashed down, and is still pretty much bearish both on the daily and weekly charts. We expect the level 1.2560 to have marked the end of the previous five wave cycle that the current bearish price rally is the unfolding of a corrective three wave cycle but should not go beyond 1.2040. Ideally, we expect the current corrective wave (4) not to go beyond 1.2040 where we'll be looking to buy the impulsive wave (5) with an ultimate target at 1.27. This pair should be traded alongside GBPUSD, EURHKD, EURSGD and EURAUD. These pairs have a strong positive correlation of up to +52% and will move in the same direction today.
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