An uptrend is strong.

A formation of the third wave iii of 3 continues, within which a starting wedge as the first wave of the junior level (i) is forming. Locally, the fifth wave v of (i) seems to be developing. If the assumption is correct, after a correction in wave (ii), the pair continues growing to 1.1700-1.1800. A critical for this scenario is the level of 1.1120, the breakdown of which would allow the pair to decline to 1.0900-1.0850 during a correction.

Trading tips

Buy the pair from corrections, above the level of 1.1120 with targets at 1.1700-1.1800.

Alternative scenario

The breakdown and consolidation below the level of 1.1120 would allow the pair to decline to 1.0900-1.0850.

EUR/USD: wave analysis

EUR/USD: wave analysis

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