A correction is nearing the end.

Assumingly, a formation of a zigzag within the second wave ii of 3 is ending. Locally, a bearish impulse within wave (c) of ii seems to be forming, within which another downward wave v of (c) is expected. If the assumption is correct, the pair continues growing towards 1.1850, 1.2000 after wave ii of 3 ends. A critical for this scenario is the level of 1.0804, the breakdown of which would allow the pair to fall to 1.0600, 1.0500.

Trading tips

Buy the pair after the breakout of the level of 1.1194 with targets at 1.1850, 1.2000.

Alternative scenario

The breakdown and consolidation below the level of 1.0804 would allow the pair to fall to 1.0600, 1.0500.

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