Wave summary:
As we have been trading within a 50 pip range over the last week, there is absolutely nothing new to add here. We remains slightly bullish for a break above 114.03, but until a break is confirmed, we must allow for more consolidation with the 112.28 - 114.03 range.
A break above 114.03 will call for a new rally to 118.46 and above.
Trading recommendation:
We will buy a break above 114.03 with stop placed at 112.20.
