Presumably, a bearish correction within a zigzag-shaped wave B is completed. Apparently, the first counter-trend wave of junior level (i) and its correction in a form of wave (ii) have formed by now. The latter has a shape of an irregular plane. If this assumption is correct and the price does not break the critical level 1.5167, it's logical to expect the pair to rise to a level of 1.5700 within an impetus forming in the first wave of senior level i of C.
Buy above the level of 1.5167 with a target at 1.5700.
Breakout and consolidation below the level of 1.5167 will allow the pair to continue declining to a level of 1.5040.
October 27, 2016 Brexit Barometer
The Brexit vote back in June taught markets never to take anything for granted and the same holds true for the upcoming US Presidential election. A poll lead for Trump in Florida yesterday, combined with some further revelations in the daily mud-slinging...
October 26, 2016 Sterling reversal
What we saw in sterling yesterday was instructive of the dilemma that may face other central bankers before long. Carney played down expectations of a further easing in policy before the end of the year, as was strongly suggested in August when they eased policy in the wake of the Brexit referendum...
October 24, 2016 Important economic events for the coming week
Monday, October 24, 2016 - JPY Small Business Confidence (OCT), EUR Markit/BME Germany Manufacturing PMI (OCT P), USD Markit US Manufacturing PMI (OCT P)...
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