EUR/USD: Wave Analysis and Forecast for 27.05 – 03.06
Estimated pivot point is at the level of 1.1247.
Our opinion: Sell the pair from correction below the level of 1.1247 with the target of 1.1060.
Alternative scenario: Breakout and consolidation of the price above the level of 1.1247 will allow the pair to continue the rise up to 1.1350 – 1.1375 as part of correction.
Analysis: Presumably, downward correction of the senior level is being developed, within which the bearish impetus is being formed, as the wave (a) of ii. At the moment, it is likely that the local correction is nearing completion as the fourth wave of the junior level iv of (a). If this assumption is correct, after the completion of the local correction the pair will continue to decline to 1.1060. Critical level for this scenario is 1.1247.
