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EUR/USD: wave analysis

FX:EURUSD   Euro / U.S. Dollar
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2
The pair can fall.

On the 4-hour chart, the upward correction develops as a wave B of (2). Now the wave b of B is developing, within which the wave (c) of b is forming. If the assumption is correct, the pair will fall to the levels of 1.1370–1.1296. In this scenario, critical stop loss level is 1.1618.

Main scenario

Short positions will become relevant during the correction, below the level of 1.1618 with the targets at 1.1370–1.1296. Implementation period: 5–7 days.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.1618 will let the pair grow to the levels of 1.1813–1.1940.

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 1.1536
Take Profit 1.1370, 1.1296
Stop Loss 1.1618
Key Levels 1.1296, 1.1370, 1.1618, 1.1813, 1.1940

Alternative scenario

Recommendation BUY STOP
Entry Point 1.1625
Take Profit 1.1813, 1.1940
Stop Loss 1.1560
Key Levels 1.1296, 1.1370, 1.1618, 1.1813, 1.1940
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