Estimated pivot point is at a level of 113.41.

Main scenario: short positions will be relevant from corrections below the level of 113.41 with a target of 111.10 – 110.35.

Alternative scenario: breakout and consolidation above the level of  113.41 will allow the pair to continue rising to a level of 114.00.

Analysis: supposedly, an uptrend continues forming within the wave C of senior level. Apparently, the first wave i of C has been formed and a downward correction is developing as the wave ii of C. If the assumption is correct, the pair will continue falling to the levels 111.10 – 110.35. The level 113.41 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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