Descending trend for the pair EUR/USD continues. Estimated pivot point is at a level of 1.1530.
Main scenario: short positions will be relevant from corrections below the level of 1.1530 with a target of 1.1320 – 1.1200.
Alternative scenario: breakout and consolidation above the level of 1.1530 will allow the pair to continue rising to a level of 1.1745.
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 4H time frame, the downward impetus continues developing in the form of wave A of (2), with a local correction completed inside in the form of the triangular wave iv of A. Apparently, the final fifth wave v of A is forming on the 1H time frame with an impetus developing inside in the form of wave (iii) of v of junior level. If the presumption is correct, the pair will continue to drop to the levels 1.1320 – 1.1200. The level 1.1530 is critical in this scenario.
Real-time price chart of EURUSD
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.