5th wave
On Wednesday our pair reflected from the level of 1.1540 and headed up. The dollar index has also been corrected and fell below the 94.00 level.
At the moment, considering our chart, we assume that the pair found a resistance level near the mark of 1.1690 and will soon go down.
If we look at the daily chart, we are still observing a downtrend. And on the theory of wave analysis, we can argue that this upward movement relates to the formation of the 4th wave, which means that soon the 5th (headed down) will follow.
Therefore, we recommend taking short positions and expecting a new pass to the level of 1.15 and a possible breaking of this level.
At the moment, considering our chart, we assume that the pair found a resistance level near the mark of 1.1690 and will soon go down.
If we look at the daily chart, we are still observing a downtrend. And on the theory of wave analysis, we can argue that this upward movement relates to the formation of the 4th wave, which means that soon the 5th (headed down) will follow.
Therefore, we recommend taking short positions and expecting a new pass to the level of 1.15 and a possible breaking of this level.
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