The European currency is appreciating

 Presumably, the first counter-trend wave within an expected bullish trend continues to develop. Apparently, the third wave of junior level (iii) and a local correction in a form of wave ii of (iii) are forming locally. The wave i of (iii) has developed within the former. If the presumption is correct, the pair will logically continue to rise to a level of 1.1400 after the correction comes to an end. The level 1.0610 is critical in this scenario.

Trading tips

Wait for completion of correction and buy the pair above a level of 1.0610 with a target at about 1.1400. Sell the pair with the target at 1.0300 in case the level 1.0610 is broken.

Alternative scenario:

Breakdown of the level 1.0610 and consolidation below will allow the pair to continue declining to a level of 1.0300.

EUR/USD:  wave analysis

EUR/USD:  wave analysis

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