Estimated pivot point is at the level of 1.1286. 

Analysis: Presumably, the third wave of senior level 3 continues developing on the four-hour timeframe. At the moment, it seems that the upward impetus has finished forming in the third wave of junior level iii of 3 and a downward correction as the wave iv of 3 has started developing. If this assumption is correct, the pair will continue declining to 1.1100 – 1.1060. The level 1.1286 is critical in this scenario. 

Alternative scenario: Breakdown and consolidation of the price above the level of 1.1286 will allow the pair to continue growing to the level of 1.1350 – 1.1450. 

Our opinion: Sell the pair from correction below the level of 1.1286 with the target of 1.1100 – 1.1060. 

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