Estimated pivot point is at a level of 100.96.

Our opinion: Sell the pair from corrections below the level of 100.96 with a target at 0.99 – 0.98.

Alternative scenario:Breakdown and consolidation above the level of 100.96 will allow the pair to continue rising to a level of 102.68.

Analysis: Apparently, a long-term downward trend continues forming as the wave A. The fifth wave is supposedly developing in a form of a diagonal triangle, with the third wave of junior level (iii) of v of A continuing to form within. If the assumption is correct, the pair will continue dropping to levels 99.00 – 98.00. The level 100.96 is critical in this scenario.



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