Estimated pivot point is at the level of 1.2410. 

Analysis: Presumably, the formation of the upward correction as the wave 4 of the senior level continues. Within this wave the wave c of 4 is being developed. Locally, it is likely that third wave (iii) of c is being developed. If this assumption is correct, the pair may continue to rise up to 1.2705. Critical level for this scenario is 1.2410. 

Alternative scenario: Breakdown and consolidation of the price below the level of 1.2410 will trigger further decline in the pair to 1.2300. 

Our opinion: Buy the pair from correction above the level of 1.2410 with the target of 1.2705. 

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback