Estimated pivot point is at the level of 1.2985. 

Analysis: Presumably, the formation of the upward correction as the wave 4 of the senior level continues, within which the wave c of 4 is being developed. At the moment, it is likely that the local correction as the fourth wave (iv) is being developed taking a shape of the irregular plane. If this assumption is correct, the pair may decline to 1.2748 – 1.2670. Critical level for this scenario is 1.2985. 

Alternative scenario: Breakdown and consolidation of the price above the level of 1.2985 will trigger further rise in the pair up to 1.3050 – 1.3150. 

Our opinion: Sell the pair from correction below the level of 1.2985 with the target of 1.2748 – 1.2670. 

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