The fall started from 2.0396 is corrective in nature and is in the position of wave B. It developed as a double corrective combination which ended with a triangle. The subsequent rise is wave C upon me. Wave 1 of C finished today at 2.0110, the following fall is wave 2, and wave 3 up should be forthcoming. With an eye on this I exited the addition to the main long position today at 2.0090 but I re-entered this addition again at 1.9967. A key support is 1.9880. A key resistance is 2.0110 and a rise above it should bring a fast rise to 2.0465
Trading strategy: 10:40 EST; 14:40 GMT
Long position from 1.9809, stop profit - 1.9880, target â€“ 2.0465
Addition to the long position from 1.9966, stop loss - 1.9880, target â€“ 2.0465
Confidence level â€“high
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.