A decline is expected.

Assumingly, a formation of a correction as the second wave 2 of the senior level continues, within which a double zigzag wxy is forming. Locally, it seems to be a development of wave y of 2 as a zigzag within which a formation of wave (b) is nearing the end and a decline in wave (c) to the level of 1.0950 is expected. A critical for this scenario is the level of 1.1460 the breakout of which would allow the pair to grow further to 1.1600-1.1700.

Trading tips

Sell the pair below the level of 1.1460 with the target at 1.1000-1.0950.

Alternative scenario

The breakout and consolidation above the level of 1.1460 would allow the pair to grow further to 1.1600-1.1700.

EUR/USD: wave analysis

EUR/USD: wave analysis

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