Sunday 22 December 2013

Uptrend dominates. A chance of local correction.Estimated pivot point is at the level of 101.57.Our opinion: In the short-term: sell the pair below the level of 104.60 with the target of 102.77. In the medium-term: wait for the completion of the descending correction and buy above 101.57 with the target of 106.0.Alternative scenario: Breakdown of the level of 101.57 will enable the pair to continue decline to the level of 100.0.Analysis: Presumably, the formation of the extension in the third wave of the higher level 3 of (5) is nearing completion. Locally, the fifth final wave 5 of v of 3, which took the shape of diagonal triangle is being formed. If this assumption is true, downward correction in the fourth wave of the higher level 102.77 will start to develop.


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