The pair EUR/USD is still likely to grow. Estimated pivot point is at a level of 1.1589.

Main scenario: long positions will be relevant from corrections above the level of 1.1589 with a target of 1.1850.

Alternative scenario: Breakout and consolidation below the level of 1.1589 will allow the pair to continue declining to the levels of 1.1439 – 1.1320.

Analysis: On the daily time frame, an upward impetus is formed as the first wave of senior level (1) and a downward correction continues forming as wave (2). On the 4-hour time frame, a downward impetus continues forming within the wave A of (2), with an ascending correction forming inside in the form of the wave iv of A. On the 1-hour time frame, apparently, the wave (c) of iv is forming. If the presumption is correct, the pair will continue to rise to the level of 1.1850. The level 1.1589 is critical in this scenario.

EUR/USD: Wave analysis and forecast for 06/07/2018 – 13/07/2018

EUR/USD: Wave analysis and forecast for 06/07/2018 – 13/07/2018

EUR/USD: Wave analysis and forecast for 06/07/2018 – 13/07/2018

EUR/USD: Wave analysis and forecast for 06/07/2018 – 13/07/2018

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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