Estimated pivot point is at the level of 1.3380. 

Analysis: Apparently, a long-term ascending correction within the wave B continues to form. Presumably, the wave c of B is developing locally, with the third wave of junior level (iii) forming within. If the presumption is correct, the pair will continue to rise to the levels 1.3560 – 1.38. The level of 1.3380 may be critical in this scenario as the breakout will enable the pair to continue declining to the level of 1.3220. 

Alternative scenario: Breakout and consolidation below the level of 1.3380 will allow the pair to continue declining to the level of 1.3220. 

Our opinion: Buy the pair from correction above the level of 1.3380 with a target of 1.3560 – 1.38. Sell the pair with a target at 1.3220 in case the level 1.3380 is broken. 

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