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

On the daily chart , the downward correction of the higher level formed as the second wave 2, which reached the correctional level 62% and took a shape of a zigzag with a diagonal within the wave (C) of 2. Now, the development of the third wave of the higher level 3 is beginning, within which the first wave of the lower level i of 1 of (1) of 3 is forming. If the assumption is correct, after the correction ii of 1 the pair will grow to the levels of 1.1447–1.1571. In this scenario, critical stop loss level is 1.1106.

Main scenario

Long positions will become relevant during the correction, above the level of 1.1106 with the targets at 1.1447–1.1571. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.1106 will let the pair go down to the levels of 1.1020–1.0950.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.1338
Take Profit 1.1447, 1.1571
Stop Loss 1.1280
Key Levels 1.0950, 1.11020, 1.1106, 1.1447, 1.1571

Alternative scenario

Recommendation SELL STOP
Entry Point 1.1100
Take Profit 1.1020, 1.0950
Stop Loss 1.1160
Key Levels 1.0950, 1.11020, 1.1106, 1.1447, 1.1571
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