A Bearish correction continues.

Assumingly, a local correction as the second wave ii of 3 continues forming. Locally, the first wave (a) of ii and a correction to it (b) of iii seem to have formed. If the assumption is correct, the pair continues declining to 1.0730 within wave (c) of ii in the short term. A critical for this scenario is the level of 1.1060.

Trading tips

Sell the pair below the level of 1.1060 with the target at 1.0730.

Alternative scenario

The breakout and consolidation above the level of 1.1060 would allow the pair to continue growing to 1.1200-1.1300.

EUR/USD: wave analysis

EUR/USD: wave analysis

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