The chart shows my working count for the fall started from 2.0191. I think it is corrective in nature in the position of wave B which suggests that one more rise to 2.0191 is forthcoming in wave C. I count the fall as a triple corrective combination which ends with a triangle. There is a possibility wave e of the said triangle to be forthcoming so I allow one more fall to 1.9770. A key support is 1.9720. A break above 1.9871 would be a signal that wave C is under way so I give a strategy to add to the existing long position above it.
Trading strategy: 05:48 EST; 10:48 GMT
Long position from 1.9761, stop loss - 1.9715, target open
Add to the long position on break of 1.9876 (buy stop order at 1.9877), stop loss 1.9780, target - open
Confidence level changed from low to medium
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.