For the past few days, the cable has used the supportive trendline as a good rebound level. Just before the close of the previous week, the cable could not close below this trendline and is still pretty much above it. We expect the failed attempt to break below the supportive trendline to have marked an end to the impulsive wave (c), that any clear moves to the upperside will be the continuation of an impulsive wave count but should not go beyond 1.2280. And on the flipside, should the price break below this trendline, then this will push the price further dowards towards 1.2030.
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