Estimated pivot point is at the level of 1.3432. 

Analysis: Presumably, on the four-hour chart uptrend continues in the wave с of B of the senior level. Locally, it is likely that the downward correction as the fourth wave (iv) has completed and the first one-two wave of the junior level i of (v) is being developed. If this assumption is correct, the pair can continue to rise to the level of 1.3650 – 1.3800. Critical level for this scenario is 1.3432. Breakout of this level will trigger further decline to 1.3300 – 1.3220. 

Alternative scenario: Breakout and consolidation of the price below the level of 1.3432 will trigger further decline in price to 1.3300 – 1.3220. 

Our opinion: Buy the pair from correction above the level of 1.3432 with the target of 1.3650 – 1.3800. In case of breakdown at the level of 1.3432, sell with the target of 1.3300 – 1.3220. 




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