During the previous trading week, both the impulsive waves (c) and (v) extended massively to the upper side but ended up closing below a key weekly resistance level 1.3855. As long as this level is not violated to the upper side, we expect it to have marked an end of the current five wave cycle, that any movements to the lower side will be the unfolding of a corrective three wave cycle with an ultimate target at 1.3225. This pair should be traded alongside CADJPY, USDCHF, and USDCAD. These pairs have a strong negative correlation of up to -61% and may move in opposite directions today.
Trade Recommendations:
Look for a possible sell signal now with your target at 1.2975
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