EUR/USD: Wave analysis and forecast for 22.04 – 29.04
EUR/USD: The pair is undergoing correction.
Estimated pivot point is at the level of 1.1397.
Our opinion: in the short-term: sell the pair below the level of 1.1397 with the target of 1.1130. In the medium-term: wait for the completion of the correction and buy in case of the confirming signals. After breakout of the level of 1.1397, sell with the target of 1.15 – 1.16.
Alternative scenario: Breakout and consolidation of the price above the level of 1.1397 will allow the pair to continue the rise up to 1.15 – 1.16.
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 wave (i) of iii of 3 has completed and the correction as the wave (ii) is being formed. If this assumption is correct, after the completion of the correction the pair will continue to rise to 1.16 and above. Critical level for this scenario is 1.1397. In case of breakout of this level the pair will continue to rise.