This pair has move on ABC zigzag from 2009 low to 2013 high in clearly defined channel. The zigzag appear to be completed and have now started the retracement of the entire move (see weekly chart)
In doing so first and second part of the zigzag to the down side are also complete and could be in very early stage of wave C to the downside that should develop in 5 wave impulsive move and if correct would be very profitable to trade.
If entry is formed on retracement then the stop an be relatively close ie just above the 0.9350 or lower if price action permits it.
All Other details are on the chart
As always, do your own analysis for your trade requirement.
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DanV
In doing so first and second part of the zigzag to the down side are also complete and could be in very early stage of wave C to the downside that should develop in 5 wave impulsive move and if correct would be very profitable to trade.
If entry is formed on retracement then the stop an be relatively close ie just above the 0.9350 or lower if price action permits it.
All Other details are on the chart
As always, do your own analysis for your trade requirement.
Select to follow me and the chart for notification of future updates. If you like the analysis then please indicate this by thumbs up, comments and sharing it with others. If you have an alternative idea then please share for all to learn from.
Thank you for taking the time to read my analysis.
DanV
