The extensive wave (3) went a bit higher than expect but could not go beyond 104.14. We expect further rally to the upper side but only after a correction of the impulsive wave (3). Thus, instead of going long immediately, we sit on the sidelines and wait for the corrective wave (4) to end around the resistance level 102.94 to buy the motive wave (5) towards 106.53 or even higher. We hope to trade this pair alongside USD/CHF and HKD/JPY. These pairs have a strong positive correlation of up to 96% and will have a similar price action during this intraday.
Trade Recommendations:
If you are not long already, wait for the corrective wave (4) to end around 102.94 then buy wave (5) towards 106.53.
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