Estimated pivot point is at a level of 1.2960.

Our opinion: Buy the pair from a correction above a level of 1.2960 with a target of 1.32 – 1.33.

Alternative scenario: Breakout and consolidation below the level of 1.2960 will allow the pair to continue declining to a level of 1.2820.

Analysis: Supposedly, an upward correction of senior level continues to develop as a wave B that takes the form of a triple pattern wxyxz. The final wave z of B appears to be forming locally, with a wave (a) of junior level developing within. If the presumption is correct, the pair will continue to rise to the levels 1.32 – 1.33. The level 1.2960 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