Euro is undergoing correction.

Presumably, the fifth wave in the one-tow wedge has completed as the first wave of the senior level 1. Currently, it is likely that the “bearish” correction to the level of 1.0800 has emerged. Locally, the one-two impetus (i) has developed. If this assumption is correct, after the completion of the correction (ii) it makes sense to expect that the pair will continue to decline. Critical level for this scenario is 1.1411. Breakdown of this level will give chance to the pair to grow up to 1.1500–1.1600.

Trading tips

Sell the pair from correction below the level of 1.1400 with the targets of 1.1000–1.0800.

Alternative scenario

Breakdown and consolidation of the price above the level of 1.1411 will enable the rise in the pair up to 1.1500–1.1600.

EUR/USD: wave analysis

EUR/USD: wave analysis

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