Wave Analysis and Forecast for EUR/USD 13.05 – 20.05
Estimated pivot point is at the level of 1.1216.
Our opinion: Wait for the completion of the correction and buy the pair above the level of 1.1216 with the medium-term target of 1.18 – 1.20.
Alternative scenario: Breakout and consolidation of the price below the level of 1.1216 will allow the pair to continue to decline to 1.1140 – 1.1050.
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 and the formation of the bearish correction continues as the wave ii of (iii). If this assumption is correct, after the completion of the correction the pair may continue to rise up to 1.18 – 1.20. Critical level for this scenario is 1.1216. If this level is broken down, the pair will continue to decline to 1.1140 – 1.1050 within the correction of the senior level.