Estimated pivot point is at the level of 1.3679. 

Analysis: Presumably, the formation of the wave с of B continues. Within this wave the third wave (iii) is being developed as an impetus. Locally, it is likely that the wave iii of (iii) of the junior level is being developed. If this assumption is correct, the pair can continue to rise up to the level of 1.3900. Critical level for this scenario is 1.3679. If the price breaks down this level, the decline can continue up to the level of 1.3500 – 1.3400. 

Alternative scenario: Breakout and consolidation of the price below the level of 1.3679 will trigger further decline in the pair to 1.3500 – 1.3400. 

Our opinion: Buy the pair from correction below the level of 1.3679 with the target of 1.3900. In case of breakdown of the level of 1.3679 sell with the target of 1.3500 – 1.3400. 

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.

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