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EUR/USD: wave analysis

FX:EURUSD   Euro / U.S. Dollar
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9
The pair may grow.

On the 4-hour chart, the first wave of the higher level 1 of (1) of 3 develops, within which the third wave iii of 1 forms. Now, the wave (iii) of iii has formed, and the development of the local correction (iv) of iii is ending. If the assumption is correct, the pair will grow to the levels of 1.1252–1.1337. In this scenario, critical stop loss level is 1.1102.

Main scenario

Long positions will become relevant after the end of the correction, above the level of 1.1102 with the targets at 1.1252–1.1337. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.1102 will let the pair go down to the levels of 1.0983–1.0880.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.1135
Take Profit 1.1252, 1.1337
Stop Loss 1.1102
Key Levels 1.0880, 1.0983, 1.1102, 1.1252, 1.1337

Alternative scenario

Recommendation SELL STOP
Entry Point 1.1100
Take Profit 1.0983, 1.0880
Stop Loss 1.1160
Key Levels 1.0880, 1.0983, 1.1102, 1.1252, 1.1337
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