Estimated pivot point is at a level of 1.2602.

Main scenario: short positions will be relevant from corrections below the level of 1.2602 with a target of 1.2330 – 1.2270.

Alternative scenario: breakout and consolidation above the level of  1.2602 will allow the pair to continue rising to a level of 1.2933.

 Analysis: The wave 5 of senior level is supposed to continue forming within the 4-hour time frame. Apparently, the first counter-trend wave of junior level (i) has been formed as an impetus and a downward correction in a form of the wave (ii) is developing at the moment. If the presumption is correct, the pair will continue to drop to the levels 1.2330 – 1.2270. The level 1.2602 is critical in this scenario.






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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