EUR/USD: wave analysis
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.0586 |
| Take Profit | 1.0400, 1.0214 |
| Stop Loss | 1.0645 |
| Key Levels | 1.0214, 1.0400, 1.0817, 1.1214, 1.1470 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.0820 |
| Take Profit | 1.1214, 1.1470 |
| Stop Loss | 1.0690 |
| Key Levels | 1.0214, 1.0400, 1.0817, 1.1214, 1.1470 |
A fall is possible.
On the daily chart, the first wave of the higher level 1 of (A) of B formed, and a correction develops as the second wave 2 of (A) of B. Now, the downward wave c of 2 is developing, within which the third wave of the lower level (iii) of c is forming. If the assumption is correct, the EUR/USD pair will fall to the area of 1.0400–1.0214. In this scenario, critical stop loss level is 1.0817.
Main scenario
Short positions will become relevant below the level of 1.0817 with the targets at 1.0400–1.0214. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 1.0817 will let the asset grow to the area of 1.1214–1.1470.
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