Posted on May 22, 2015 07:40
Presumably, the “bullish” impetus has completed in the wave 5th. At the moment the “bearish” correction has began in the wave A. Locally, it seems that in correction waves, A and B has completed because B is the 61.8% retracement of corrective wave A and A is the 50% Retracement of Impulse wave 5. If this assumption is correct, the pair can decline to the levels of 1.5350. Critical level for this scenario is 1.5825.
On the other hand SMA100 and 200 are indicating strong bullish trend as well as Ichimoku cloud in h1 as well as in h4 graph.