Estimated pivot point is at the level of 114.36. 

Analysis: Presumably, the formation of the upward impetus as the first one-two (i) has completed in the wave C of the senior level. Locally, it is likely that the downward correction as the wave ii of C is being developed. If this assumption is correct, the pair can continue to decline to 111.20 – 110.50. Critical level for this scenario is 114.36. 

Alternative scenario: Breakout and consolidation of the price above the level of 114.36 will trigger further rise in the pair up to 115.30. 

Our opinion: Sell the pair from correction below the level of 114.36 with the target of 111.20 – 110.50. 




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