Main scenario: consider long positions from corrections above the level of 0.9081 with a target of 0.9506 – 0.9680.
Alternative scenario: breakout and consolidation below the level of 0.9081 will allow the pair to continue declining to the levels of 0.8924 – 0.8768.
Analysis: In the daily timeframe, the first descending wave of a larger degree (1) of 5 must have completed, and a correction continues developing as the second wave (2) of 5, with wave С of (2) unfolding inside. The third wave of smaller degree iii of C has formed, a correction has finished as the fourth wave iv of C, and the fifth wave v of C is developing in the H4 chart. Wave (i) of v must have completed in the hourly timeframe, and a local correction as wave (ii) of v, with sub-wave c of (ii) currently unfolding inside, is about to finish soon. If the presumption is correct, the pair will continue to rise to the levels of 0.9506 – 0.9680 after the correction. The level of 0.9081 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.8924 – 0.8768.
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.