EUR/USD: Wave Analysis and Forecast for 15.04 – 22.04
EUR/USD: The pair is undergoing correction. Uptrend continues.
Estimated pivot point is at the level of 1.1140.
Our opinion: Buy the pair above the level of 1.1140 with the target of 1.16 – 1.1750.
Alternative scenario: Breakout and consolidation of the price below the level of 1.1140 will allow the pair to continue to decline to 1.1050 – 1.0820.
Analysis: Presumably, the formation of the third wave 3 of the senior level continues, in which the extension is likely to be formed. At the moment, it seems that the local correction as the wave ii of (iii) is nearing completion. If this assumption is correct, in the near future the pair will continue to rise up to 1.16 – 1.1750. Critical level for this scenario is 1.1140. In case of breakout of this level the pair will continue to decline to 1.1050 – 1.0820.
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