As previously forecasted, the pair retraced to the upper side but could not go higher than 1.0635. The previous trading day's candle is a perfect bearish pin bar and will likely push the price side towards 1.0532 and possibly lower to 1.0412. In the meantime, we're waiting for a break below 1.0551 to confirm the continuation of the anticipated bearish price rally. This view can only be reconsidered in case the pair end up above 1.0629, if this is the case, then we expect a corrective wave count to the upper side but should not go beyond 1.0677. Expect a similar wave count in GBPUSD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible bearish price movements towards 1.0532 and even lower to 1.0412.
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