Estimated pivot point is at a level of 0.9804

Main scenario: short positions will be relevant below the level of 0.9804 with a target of 0.9675 – 0.9625.

Alternative scenario: breakout and consolidation above the level of  0.9804 will allow the pair to continue rising to a level of 0.9877.

Analysis: Supposedly, an ascending correction of senior level in a form of the wave (2) continues to develop within the 4-hour time frame. Apparently, the wave A of (2) has been formed locally and a downward correction is now developing as the wave B, with the wave a of Be forming inside. If the presumption is correct, the pair will continue dropping to the levels 0.9675 – 0.9625. The level 0.9804 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.



Follow us in social networks!
Live Chat
Leave feedback