EUR/USD: wave analysis

The pair may grow.

On the 4-hour chart, the first wave of the higher level 1 of (1) of 3 develops, within which the formation of the third wave iii of 1 started. Now, the first entry wave (i) of iii has formed, and the local correction (ii) of iii has ended. If the assumption is correct, the pair will grow to the levels of 1.1176–1.1252. In this scenario, critical stop loss level is 1.0981.

Main scenario

Long positions will become relevant during the correction, above the level of 1.0981 with the targets at 1.1176–1.1252. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.0981 will let the pair go down to the levels of 1.0800–1.0750.

Scenario

  • Timeframe

    Weekly

  • Recommendation

    BUY

  • Entry Point

    1.1066

  • Take Profit

    1.1176, 1.1252

  • Stop Loss

    1.0981

  • Key Levels

    1.0750, 1.0800, 1.0981, 1.1176, 1.1252

Alternative scenario

  • Timeframe

    Weekly

  • Recommendation

    SELL STOP

  • Entry Point

    1.0975

  • Take Profit

    1.0800, 1.0750

  • Stop Loss

    1.1035

  • Key Levels

    1.0750, 1.0800, 1.0981, 1.1176, 1.1252

Tifia trading account

Open

EUR/USD forecast for today.