Estimated pivot point is at the level of 0.9998. 

Analysis: Presumably, a long-term ascending correction in a form of the fourth wave of senior level has finished developing within the daily time frame. Apparently, the fifth wave has started to develop locally with the first wedge-shaped wave 1 developing within. If the presumption is correct, the pair may continue to fall to a level of 0.9809 in the medium-term perspective. The level 0.9998 is critical in this scenario. 

Alternative scenario: Breakout and consolidation above the level of 0.9998 will allow the pair to continue rising to a level of 1.0101. 

Our opinion: Sell the pair from correction below the level of 0.9998 with a target at 0.9809. 


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