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FxPro Forex Analysis: Cotton Wave Analysis – 9 July , 2018

Cotton reversed from support area
• Likely to rise further

Cotton recently reversed up from the support area lying between the key support level 0.8200 (which stopped the previous minor correction 2 in May), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous upward impulse from February.

The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

Cotton is likely to rise further and re-test the next resistance level 0.8620 (top of the previous corrective wave ② from June).

COTUSD - Primary Analysis - Jul-09 1819 PM (1 day)

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