Perfectly as previously forecasted, the corrective wave (4) rebounded from the supportive zone marked at 1.2240-1.2184. We expect this rebound to have marked the end of this corrective wave count, that the current bullish price rally is the unfolding of the next impulsive wave (5) the upperside and should break above 1.2630 towards 1.2995 or even higher. This view can only be invalidated in case the price break below 1.2240, if this is the case, then we expect a possible bearish momentum towards 1.1540 or even lower. This pair will have a similar price action with GBPUSD and EURHKD.
Trade Recommendations:
Look for a long position with your target at 1.3175
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