Few days ago, after hitting the lows of 1.1685, the impulsive wave (a) could not extend any lower, we expect the rise in price that followed after hitting the lows of 1.1685, to have been the unfolding of the corrective wave (b) to the upper side. That the level 1.1873 marked the end of this correction, and that the the bearish pin bar seen on Friday is the unfolding of the impulsive wave (c) to the lower side but should not go beyond 1.1532, if this support is broken, then the price could drop even further but should not go beyond 1.1120. This pair will have a similar price action to GBPUSD, NZDUSD, AUDUSD and GBPAUD. These pairs have a strong positive correlation and will move in the same direction:
Trade Recommendations:
Look for a short position with an ideal target at 1.1532
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