Wave analysis

FX:EURUSD   Euro / U.S. Dollar
221 0 4
EUR/USD: Wave analysis and forecast for 29.01 – 05.02: The pair is undergoing; the rise in the pair is possible.

Estimated pivot point is at the level of 1.0786.

Our opinion: Buy the pair from correction above the level of 1.0786 with the target of 1.1150 – 1.1250.

Alternative scenario: Breakout and consolidation of the price below the level of 1.0786 will allow the pair to continue decline to 1.07 - 1.0630.

Analysis: Presumably, the formation of the third wave 3 of the senior level continues. Locally, it seems that the correction as the wave (ii) of iii             has completed and the third wave ( iii             ) is being formed, within which a small one-two impetus I has been formed. If this assumption is correct, after the completion of the correction ii, the pair will continue to rise up to 1.1150 – 1.1250. Critical level for this scenario is 1.0786. Breakdown of this level will trigger the decline in the pair to 1.07 - 1.0630.
Trade closed: target reached: 1.11991 level
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