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Estimated pivot point is at a level of 1.1917.

Main scenario: long positions will be relevant from corrections above the level of 1.1917 with a target of 1.2230 – 1.2300.

Alternative scenario:Breakout and consolidation below the level of 1.1917 will allow the pair to continue declining to the levels of 1.1718 – 1.1556.

Analysis: Supposedly, the fifth wave 5 continues forming  as a diagonal triangle within the first wave 1 of senior level within the 4-hour time frame. Apparently, a downward correction in a form of wave iv of 5 has finished locally and the final fifth wave v of 5 has started forming. If the presumption is correct, the pair will continue to rise to levels 1.2230 – 1.2300. The level 1.1917 is critical in this scenario.

EUR/USD Wave analysis and forecast for 12.01 –  19.01

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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