To generate this trade idea, I have analyzed this pair on the Daily and the 240 minute time frame using the Elliott Wave
Principal and Fibonacci ratios . In my opinion, we are still left with 1 Bullish
sub-wave of the larger bullish trend
on the daily chart
. The Friday close was at a critical Fibonacci ratio of the 5th bullish
sub-wave and the channel, while the candlestick
formation indicated a weakness in bullish
move. Therefore, in the next one or two days I will be expecting a further downward corrective move and looking for an opportunity to buy for a medium term long trade.
Towards, the bullish
move, i believe that the pair is at a very critical juncture with a lot of resistance in the region. I am expecting a reversal towards the corrective move of the larger 5 Wave pattern at either 1.1270 or at 1.3700 level.
Would highly appreciate your opinion.