I think that the last week’s movement was a bullish triangle in the position of wave B and the current rise is wave C. The reached high 105.86 already fulfilled the minimum requirement for the length of wave C but I am still not sure that there will be no more highs because of the corrective retreat from 105.86. A possible resistance level is 107.00 while the support level is 104.10. I prefer to be currently neutral but I will look for an entry level for a short position next week.

Trading strategy:10:30 EST; 15:30 GMT

The short position from 105.07 was closed at 105.47 with loss 40 pips

Stand aside

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