The pair growth possibility remains.

Supposedly, the development of the fifth wave within upward wedge continues. Locally, most likely a third wave (iii) of v is beginning to form, within which a starting impetus i of (iii) has formed and the correction in a form of the wave ii of (iii) is finishing. If the assumption is correct, the pair continues growing towards 1.1400-1.1500. Critical for this scenario is the level of 1.0940, the breakdown of which would lead to the continuation of the bear correction towards 1.0800-1.0700.

Trading tips

Open long positions above the level of 1.1118 with the target at 1.1400-1.1500.

Alternative scenario

The breakdown and consolidation below 1.0940 would allow the pair to continue falling towards 1.0800-1.0700.

EUR/USD: wave analysis

EUR/USD: wave analysis

EUR/USD: wave analysis

The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Follow us in social networks!
Live Chat
Leave feedback