The pair EUR/USD is still likely to grow. Estimated pivot point is at a level of 1.1639.
Main scenario: long positions will be relevant from corrections above the level of 1.1639 with a target of 1.1780 – 1.1820.
Alternative scenario: Breakout and consolidation below the level of 1.1639 will allow the pair to continue declining to the levels of 1.1520 – 1.1468.
Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) continues developing on the daily time frame with the wave A of (2) formed within. An upward correction B of (2), supposedly, started developing on the H4 time frame, with the wave a of B forming inside. Apparently,a local correction finished developing in the form of the wave (iv) of a on the 1H frame. If the presumption is correct, the pair will continue rising to 1.1780 – 1.1820. The level 1.1639 is critical in this scenario.
Price chart of EURUSD in real time mode
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.