Elliott waves analysis – We’re long above 111.91 towards 117.22



Wave Analysis

For the last two trading day, the US dollar has been in an active up trendline. and the fact that the price closed above 111.91, we expect nothing but a possible momentum further to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upperside and should first breakout above 114.30. A break above this level will push the price even higher towwards 117.22. As it is, sell orders looks a bit risky, but should price break below the supportive trendline, then this will be a sell.

Trade Recommendations:

We’re long above 111.91 towards 117.22

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