Elliott waves analysis – weekly support is around 1.2738


weekly support is around 1.2738

Wave Analysis

Just as in the Euro, the cable spiked upwards, but ended up closing below its opening price. The previous day’s candle is a bearish candle, but since the previous week’s candle was a perfect bullish pin bar candle, we’re hesitant to look for a sell order, instead we’re waiting for a surge towards 1.28718 to pick a long term buy order. Any rise above the previous day’s highest high will mean we’re continuing long with the last impulsive wave (c) to the upper side towards 1.32150. a break above this target will push the price even higher towards 1.34.

Trade Recommendations:



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