The fall started from 2.0396 is corrective in nature upon me. My working count for it is presented on the chart and we should be currently in wave C of the fall. When it is over, I would expect a new rise above 2.0396 so I will try to enter long position in coming days. The problem here is the fact that the current fall is probably a wave B of the movement started from 1.9720 i.e. it could continue even to 1.9720 without any damage to the idea for a subsequent new strong rise. It is clear that entering long here with stop loss below 1.9720 is not acceptable for a daily strategy so I prefer to be flat at the moment. Only a rise above 2.0150 at this stage would signal that the expected movement for a rise above 2.0396 has already begun.

Trading strategy: 10:53 EST; 14:53 GMT

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This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.