Estimated pivot point is at the level of 1.3375.

Our opinion: Sell the pair from correction below the level of 1.3375 with the target of 1.3180 – 1.3018.

Alternative scenario: Breakout and consolidation of the price above the level of 1.3375 will trigger further rise in the pair up to 1.3450 – 1.35.

Analysis: Presumably, the formation of the wave C of the senior level continues. Locally it is likely that the downward impetus as the first wave i of C has finished, within which impetus (a) has also completed. If this assumption is correct, the pair may continue to decline to 1.3180 – 1.3018. Critical level for this scenario is 1.3375. After breaking out this level, the pair will continue to rise up to 1.3450 – 1.35.



The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Follow us in social networks!
Live Chat
Leave feedback