EUR/USD: Wave analysis

FX:EURUSD   Euro / U.S. Dollar
197 0 4
EUR/USD: Wave analysis : Uptrend continues.

Estimated pivot point is at the level of 1.0820.

Our opinion: Buy the pair from correction above the level of 1.0820 with the target of 1.15 – 1.16.

Alternative scenario: Breakout and consolidation of the price below the level of 1.0820 will allow the pair to continue decline to 1.07 – 1.06.

Analysis: The depth of the local correction gives a chance to the formation of divergent wedge as the first wave within the third wave of the senior level. Locally it is likely that the “bearish” zigzag in the fourth wave (iv) of will come to an end, and the fifth wave (v) of I will develop. If this assumption is correct and the price does not break down the critical level of 1.0820, the price can rise in the fifth wave up to 1.1500.
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