Expect a possible momentum towards 1.20304.

Wave Analysis

During the previous trading day, the impulsive wave (c) traded intensely to the lower side and is still pretty much bearish both on the daily and weekly charts. Today and possible during the course of next week, we expect a possible extension of the impulsive wave (c) to the lower side but should not go beyond the daily support level seen at 1.20304. If this support is broken, then the price will continue to the lower side with next target being 1.17945. This view can only be invalidated in case the price breaks above 1.21917, this being the case, we’ll expect a rally to the upper side.

Trade Recommedation.

Expect a possible momentum towards 1.20304.

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