Elliott waves analysis – Buy the US Dollar above 111.560


Wave Analysis

During the previous trading day, the US dollar rallied intensely to the upper side and is still pretty much bullish. the previous day’s candle was a perfect bullish pin bar candle, and could mean the price is headed to the upper side. Today and in the next few days, we expect a possible extension of the impulsive wave (c) to the upper side, but should first break above 111.560. If you’re not long already, you could wait for a break above 111.560, then pick a low risk long position with an ultimate target at 114.479.

Trade Recommendations:

Buy the US Dollar above 111.560 with a take profit at 114.479

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