It looks like the corrective wave (2) of the bullish intermediate degree has ended at 106.74 with an open triangle pattern formed in minor wave C of the A,B,C correction. The recent breakout outside the triangle barriers looks impulsive (as seen in minute 5-wave upside move) and fresh highs could be expected.
In the short-term, we could receive a brief pullback before continuing higher to take out minute wave (iii) near 109.40. Or, we could get there first and then receive a pullback.
Minor wave 1 is expected to end near 110.23 and as part of the intermediate impulse to the upside, minor 5 has a long-term potential above 120.00.
This opportunity would be invalidated below 108.00. A break above 109.10 and then 109.57 would be validating the longer-term outlook.
Stavros Tousios
Head of Investment Research
Orbex
In the short-term, we could receive a brief pullback before continuing higher to take out minute wave (iii) near 109.40. Or, we could get there first and then receive a pullback.
Minor wave 1 is expected to end near 110.23 and as part of the intermediate impulse to the upside, minor 5 has a long-term potential above 120.00.
This opportunity would be invalidated below 108.00. A break above 109.10 and then 109.57 would be validating the longer-term outlook.
Stavros Tousios
Head of Investment Research
Orbex