Main scenario: consider long positions from corrections above the level of 1.2609 with a target of 1.2950 – 1.3010.
Alternative scenario: breakout and consolidation below the level of 1.2609 will allow the pair to continue declining to the levels of 1.2493 – 1.2384.
Analysis: A descending correction appears to have formed as the fourth wave 4 of larger degree on the daily chart, with wave (С) of 4 completed and an ascending wave 5 unfolding inside. A downward correction is completed in the form of wave 2 of (1) of 5 and the third wave 3 of (1) has started developing on the H4 chart. Apparently, the first counter-trend wave of smaller degree i of 3 is developing on the H1 chart, with the third wave (iii) of i nearing completion inside. If the presumption is correct, the pair will continue to rise to the levels of 1.2950 – 1.3010 after a local correction (iv) of i is formed. The level of 1.2609 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2493 – 1.2384.
Myanfx-edu does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors.
Go to Register with LiteForex Platform
Financial Trading is not suitable for all investors & involved Risky. If you through with this link and trade we may earn some commission.