Correction continues. The pair is likely to decline.

Presumably, the formation of the “bearish” correction as the fourth wave continues. Locally, it seems that the wave уровня (b) of iv of the junior level has completed and the wave (с) can start to develop. If this assumption is correct, it is possible that the pair will decline to 1.1120–1.1060.  Critical level for this scenario is 1.1390. Consolidation of the price above this levl will trigger the rise in the pair.

Trading tips

Sell the pair from correction below the level of 1.1390 with the target of 1.1120–1.1060.  

Alternative scenario

Breakdown of the level of 1.1390 and consolidation above this level will enable the rise in price up to 1.1500–1.1600.

EUR/USD: wave analysis

EUR/USD: wave analysis

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