Wave summary:
Still no resolution here. We are currently locked inside a minor consolidation area between 112.28 - 114.03. Whatever way the break is seen out of this consolidation, will determine next 175 pip move. We slightly favor the upside, but the odds for a possible move closer to 110.79 is close to fifty-fifty. Only a break below 110.79 will call for more downside towards 109.48 and likely even closer to 106.03 before the long term corrective low finally is in place here.
Trading recommendation:
Stop at 112.75 was hit for a small loss. We will only buy a break above 114.03 with stop at 112.20.
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