After recently completing a correction in wave B) or 2) at 1.46622 area, with three visible sub-waves A-B and C, we now believe that price can ideally continue higher into a new bullish cycle. As we see on the chart, price broke above upper corrective channel line, which in our case indicates that more upside can follow, possibly towards 1.516 area in wave 3. That said wave 1 seems to be completed, and now a correction can take place in wave 2, before stronger prices can follow.
Invalidation level is at 1.46622, as long as it hold, we are looking bullish.
If you like our trading analysis, you can visit our website at –> www.ew-forecast.com