EUR/USD: Wave analysis and forecast for 08.04 – 15.04: Uptrend continues. Locally the pair is undergoing correction.
Estimated pivot point is at the level of 1.1140.
Our opinion: Buy the pair from correction above the level of 1.1140 with the target of 1.16 – 1.1750.
Alternative scenario: Breakout and consolidation of the price below the level of 1.1140 will allow the pair to continue to decline to 1.1050 – 1.0820.
Analysis: Presumably, the formation of the third wave 3 of the senior level continues, in which the extension is likely to be formed. At the moment, it seems that the third wave iii of 3 is being formed, in which correction is being developed as an irregular in the wave ii of (iii). If this assumption is correct after the completion of the correction the pair will continue to rise up to 1.16 – 1.1750. Critical level for this scenario is 1.1140. In case of breakout of this level the pair will continue to decline to 1.1050 – 1.0820.