The chart shows the last two weeks movement. I count it as wave C and when it is over, one should expect a reversal for a move back above 2.04. So the upside potential is very huge. The only problem is when wave C will be completed. I think that it could be already over and this was the reason for today’s long position. However I will lower the stop loss to 1.9330 because this is the important support, not today’s low. Looking to the upside only above 1.9632 will be a confirmation that the potential impulse shown on the chart is already over and the cable is being headed to 2.04

Trading strategy: 10:35 EST; 15:35 GMT

Long position from 1.9458, move the stop loss from 1.9360 to 1.9330, target - open

Confidence level – high

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