Estimated pivot point is at the level of 112.68. 

Analysis: Supposedly, an ascending trend in a form of the third wave iii within the wave C of senior level continues forming. Apparently, a downward correction in a form of the third wave (iv) is nearing completion. If the presumption is correct, the pair may continue growing to the levels of 115.00 – 116.00. The level 112.68 is critical in this scenario. 

Alternative scenario: Breakout and consolidation below the level of 112.68 will allow the pair to continue declining to a level of 110.90. 

Our opinion: Buy the pair from corrections above the level of 112.68 with a target of 115.00 – 116.00. Sell the pair with a target at 110.90 in case the level 112.68 is broken. 

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