EUR/USD: WAVE ANALYSIS

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EUR/USD: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point1.0816
Take Profit1.0600, 1.0400
Stop Loss1.0886
Key Levels1.0400, 1.0600, 1.1067, 1.1272, 1.1480
Alternative scenario
RecommendationBUY STOP
Entry Point1.1070
Take Profit1.1272, 1.1480
Stop Loss1.1005
Key Levels1.0400, 1.0600, 1.1067, 1.1272, 1.1480

The price is in a correction and a fall is possible.

On the daily chart, the upward wave B develops, within which the entry first wave 1 of (А) of B ended, and a downward correction develops as the second wave 2 of (А) of B. Now, the wave a of 2 is forming, within which the third wave of the lower level (iii) of a is developing. If the assumption is correct, the EUR/USD pair will fall to the area of 1.0600–1.0400. In this scenario, critical stop loss level is 1.1067.

EUR/USD: WAVE ANALYSIS

EUR/USD: WAVE ANALYSIS

Main scenario

Short positions will become relevant below the level of 1.1067 with the targets at 1.0600–1.0400. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 1.1067 will let the asset grow to the area of 1.1272–1.1480.

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