We know this is the WAVE 3 forming on the Higher Degree hence we know on Lower Degree we will get a 5 Wave Impulse structure; This is the Wave 1 of the WAVE 3 of Higher Degree, we clearly see that the 5 Wave Impulse structure is complete and hence new will have Correction, whenever there is a Correction formed the Price...
We have a 5 Wave upward Impulse complete which is followed by a Correction which is a Flat. Hence this 5 Wave upward Impulse becomes a Wave 1 and the Flat structure becomes a Wave 2, both are complete and hence now we have The Wave 3 in the Long Term hence overall the Trend is Upward.
This Trade is for the Long Term...
The 4-hour right side is up against 5/04/2020 low (0.6373). 1 hour is turning up against 0.6772 low. Near-term, while dips remain above there expect pair to extend higher 1 more push before correction against 2012 peak ends as a zigzag structure & resume the downside.
Short term Signal
Good luck !
Prices have been back from 0.65600 levels twice and the triangle formed is holding a strong support line. Today, prices have fallen in the Asian sessions but recovered some upward strength.
Also, 0.64322 have Bollinger bands support and trend line support.
From here, prices may test 0.65600 and above levels again as RSI is pointing to an upward movement, and if...
The 4-hour right side is down against 12/31/2019 peak (0.7030). 1 hour is turning down against 0.6571 high. Near-term, while bounces fail below 0.6571 high and more importantly below 0.7030 high expect pair to extend lower.
The weekly right side is down against the 1/26/2018 highs at .8130. The daily right side is down against the .7029 highs from 12/31/19. While bounces fail below .6445 where the 4 & 1 hour are turning down the pair can continue to see weakness lower.