We will be looking for long opportunities at the current support zone and our first take profit target will be at the first resistance zone shown. There is a possibility that the move up will only be the fourth leg of the correction. If this is the case we will have a final 5th leg down then we expect a move up and a breakout of the resistance zone. The second scenario that may arise is that the move up will result in a break out right away. After the breakout it is best to wait for the retest of the zone before going long, our next target will then be at the top of the third wave (see my weekly analysis to see the waves).
Comment:
now is a good time to break even
Comment:
The first profit target has been hit, now we wait for the pair to react to the resistance zone...