Hello Traders,
The price is going up, but we are not sure in which scenario we are in the big picture. The scenario where the price should go to at a minimum is the impulse down, where we are currently forming a wave 2. In that case a retreat to the 38.2% fibonacci is probable. We should reevaluate from there.
The price could then continue to the 61.8% fibonacci or even 100% to 1.4700, although not likely. If the price passes 1.4700 then we are in an impulse up, likely to form a new high higher then 1.6000. If the price drops to below 1.2300 we are likely in an impulse down. Critical phase but we should know where we are within the next couple of weeks. Meantime we keep our eye on the intraday Elliott wave developments.
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