EURUSD Wave analysis and forecast of 01.08 – 08.08: The decline in the pair is likely to continue.

Estimated pivot point is at the level of 1.3414.

Our opinion: Sell the pair from correction below the level of 1.3414 with the target of 1.3290. 

Alternative scenario: Breakout of the level of 1.3414 will allow the price to continue the rise up to the levels of 1.3450 – 1.35.

Analysis: Presumably, the formation the third wave of the senior level (iii) continues. Within this wave the “bearish’ impetus as the third wave iii of (iii) of the junior level is being developed. If assumption is correct and the price does not break down the critical level of 1.3414, the pair will continue to decline to the level of 1.3290.