EUR/USD: Wave Analysis and Forecast for 06.05 – 13.05
EUR/USD: Uptrend continues.
Estimated pivot point is at the level of 1.1211.
Our opinion: Buy the pair from correction above the level of 1.1211 with the medium-term target of 1.18 – 1.20.
Alternative scenario: Breakout and consolidation of the price below the level of 1.1211 will allow the pair to continue to decline to 1.1130 – 1.1040.
Analysis: Presumably, the formation of the upward trend continues in the third wave iii of the senior level. At the moment it seems that the third wave of the junior level (iii) of iii is being developed within which one-two impetus импульс i of (iii) has been formed as the correction as the wave ii of (iii). If this assumption is correct, the pair may continue to rise up to 1.18 – 1.20. Critical level for this scenario is 1.1211. If this level is broken down, the pair will continue to decline to 1.1130 – 1.1040.