Estimated pivot point is at the level of 1.3203. 

Analysis: Supposedly, a descending impetus continues to develop within the 4-hour time frame in a form of the first wave i of C. Apparently, the third wave of junior level (iii) continues to form locally. If this assumption is correct, then after completion of the upward correction (iv) the pair can continue to decline to 1.2800. Critical level for this scenario is 1.3203.

Alternative scenario: Breakout and consolidation of the price above the level of1.3203 will trigger further rise in price to 1.3560. 

Our opinion: Sell the pair from correction below the level of1.3347 with the targets at 1.3000 - 1.2964. 

 




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