The EUR/USD price is still likely to decline. Estimated pivot point is at a level of 1.1790.
Main scenario: short positions will be relevant from corrections above the level 1.1790 with a target of 1.1439.
Alternative scenario: Breakout and consolidation above the level of 1.1790 will allow the EUR/USD rate to continue rising towards the level of 1.1998.
Analysis: In the daily timeframe, an upward momentum is complete as the first wave of senior level (1) and a downward correction continues forming as wave (2). In the 4-hour EUR/USD price chart, a downward momentum continues developing within the wave A of (2), with a local correction emerging inside in the form of the wave iv of A, that is taking the shape of triangle. On the 1-hour time frame, apparently, the final wave (е) of iv is forming, and, if the presumption is correct, after it is complete, the EUR/USD price will continue declining towards the level of 1.1439. The level 1.1790 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.