A fall is expected.

Assumingly, a development of a correction within the second wave 2 of the senior level continues, within which a double zigzag is forming. Locally, wave y of 2 in the shape of a zigzag seems to be developing, and a fall to the level of 1.0940 is excepted within its wave (c). A critical for this scenario is the level of 1.1290, the breakout of which would allow the pair to grow to 1.1500, 1.1700.

Trading tips

Sell the pair below the level of 1.1290 with targets at 1.0950, 1.0940.

Alternative scenario

The breakout and consolidation above the level of 1.1290 would allow the pair to grow to 1.1500, 1.1700.

EUR/USD: wave analysis

EUR/USD: wave analysis

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