• Sugar falling inside minor impulse wave 5
• Further losses are likely
Sugar continues to fall inside the minor impulse wave 5 – which belongs to the medium-term impulse wave (3) from the end of May (which previously broke through the key support level 10.80).
The price earlier made a failed attempt to break above the aforementioned price level 10.80 (acting as resistance after it was broken recently) – which strengthened the bearish pressure on this currency pair.
Given the strength of the downtrend visible on the daily charts, Sugar is expected to fall further and retest the next round support level 10.00.