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EUR/USD: wave analysis

FX:EURUSD   Euro / U.S. Dollar
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4
The pair may grow.

On the 4-hour chart, a downward correction of the higher level developed as the wave 2, within which the fifth wave 5 of (C) of 2 formed as a zigzag . Now, the development of the third wave of the higher level 3 is starting, within which the entry momentum of the lower level i of 1 of (1) of 3 has formed, and the third wave iii of 1 is developing. If the assumption is correct, the pair will grow to the levels of 1.1163–1.1249. In this scenario, critical stop loss level is 1.0991.

Main scenario

Long positions will become relevant during the correction, above the level of 1.0991 with the targets at 1.1163–1.1249. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.0991 will let the pair go down to the levels of 1.0924–1.0850.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.1056
Take Profit 1.1163, 1.1249
Stop Loss 1.0991
Key Levels 1.0850, 1.0924, 1.0991, 1.1163, 1.1249

Alternative scenario

Recommendation SELL STOP
Entry Point 1.0980
Take Profit 1.0924, 1.0850
Stop Loss 1.1015
Key Levels 1.0850, 1.0924, 1.0991, 1.1163, 1.1249
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