Estimated pivot point is at the level of 1.2667.

Our opinion: Sell the pair from correction below the level of 1.2667 with the target of 1.2248 – 1.1984.

Alternative scenario: Breakout and consolidation of the price above the level of 1.2667 will trigger further rise in the pair to 1.28 – 1.29.

Analysis: Presumably, the formation of the fifth wave of the senior level continues. Locally, it is likely that the first wave as the wedge i of 5 has been formed and the upward correction as the wave ii of 5 is being developed, within which the zigzag (a)(b)(с) has been formed. If this assumption is correct, the pair may continue to decline to 1.2248 – 1.1984 in the third wave iii of 5 (b). Critical level for this scenario is 1.2667.



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