Elliott waves analysis – We’re still long towards 111.560


We're still long towards 111.560

Wave Analysis

Earlier today, the US Dollar pulled back slightly to the lower side but is still pretty much bullish both on the higher and the lower time frames. We expect further momentum to the upper side but should first break above the daily resistance level 111.560. If this is the case, then we’ll expect the impulsive wave (c) to the uppe rside and should breakout above 114.479. If this last target is broken, then further impulsive wave count is expected but should not go beyond 118.00. This view can only be invalidated in case the price breaks below 108.573.

Trade Recommendation:

We’re still long towards 111.560

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