Price has been falling since late September from the high at 1.3658 to the recent low around 1.3257 area.
Based on our analysis, this recent fall seems to be a corrective down move, potentially a 4th wave of a 5-wave structure.
With price finding some minor support between 1.3162 to 1.3257 (a fibonacci confluence between the 61.8 and 50 level), we are now looking for the opportunity to take a long trade for the 5th wave up to complete the overall cycle.
Based on our analysis, this recent fall seems to be a corrective down move, potentially a 4th wave of a 5-wave structure.
With price finding some minor support between 1.3162 to 1.3257 (a fibonacci confluence between the 61.8 and 50 level), we are now looking for the opportunity to take a long trade for the 5th wave up to complete the overall cycle.