An upward trend is strong.

Assumingly, the third wave 3 of the senior level continues developing. Locally, an impulse within the third wave (iii) of iii of the junior level is nearing the end. If the assumption is correct, the pair continues growing to 1.1500 after the correction ends. A critical for this scenario is the level of 1.0970 the breakdown of which would lead to a fall to 1.0800 and, probably, lower.

Trading tips

Buy the pair from corrections, above the level of 1.0970 with the target at 1.1350-1.1500.

Alternative scenario

The breakdown and consolidation below the level of 1.0970 would allow the pair to continue falling to 1.0940-1.0800.

EUR/USD: wave analysis

EUR/USD: wave analysis

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