Downtrend prevails.

The formation of the third wave of the senior level continues on the four-hour timeframe. Locally, it seems that the third wave of the junior level (iii) of iii is being developed. If this assumption is correct and the price does not break down the critical level of 1.0900, it is likely that the local impetus will continue up to 1.1260 – 1.1400.

Trading tips

Buy the pair from correction above the level of 1.1040 with the target of 1.1260 – 1.14.

Alternative scenario

Breakdown of the level of 1.1040 and consolidation below this level will enable the price to decline to 1.0900, or probably further down.

EUR/USD: wave analysis

EUR/USD: wave analysis

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