It looks like the corrective intermediate wave (C) completed its bearish course at1.1956. The recent attempt to push prices down brought the pair lower where it completed a corrective minor A,B,C at the round 1.22 level.
As part of intermediate wave (2), the minor three-wave corrected down to the 61.8% golden ratio of 1.1956 bottom and 1.2588 top at 1.21943 - to be more precise.
The current breakout could be the beginning of intermediate wave (3). Should the formation gets validated above 1.2588, the next stop for a breather would be near 1.2828 100% FE, then near 1.32. The structure suggests that once minor corrective low A and then B are taken out by bulls, chances of further upside would increase.
This opportunity would be invalidated below 1.1956 with short-term signs of failure appearing below 1.2194 (unless if this turns out as a double zig-zag or other corrective structure)
Expect short-term pullbacks for profit-taking
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
As part of intermediate wave (2), the minor three-wave corrected down to the 61.8% golden ratio of 1.1956 bottom and 1.2588 top at 1.21943 - to be more precise.
The current breakout could be the beginning of intermediate wave (3). Should the formation gets validated above 1.2588, the next stop for a breather would be near 1.2828 100% FE, then near 1.32. The structure suggests that once minor corrective low A and then B are taken out by bulls, chances of further upside would increase.
This opportunity would be invalidated below 1.1956 with short-term signs of failure appearing below 1.2194 (unless if this turns out as a double zig-zag or other corrective structure)
Expect short-term pullbacks for profit-taking
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
