Apr 10, 2020, 8:26:30 AM

EUR/USD: wave analysis

The pair may grow.

On the 4-hour chart, the third downward wave of the higher level 3 develops, within which the first wave i of 3 formed. Now, an upward correction is developing as the second wave ii of 3, within which the wave (b) of ii has formed, and the wave (c) of ii is developing. If the assumption is correct, the pair will grow to the levels of 1.1170–1.1241. In this scenario, critical stop loss level is 1.0768.

Main scenario

Long positions will become relevant during the correction, above the level of 1.0768 with the targets at 1.1170–1.1241. Implementation period: 5–7 days.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.0768 will let the pair go down to the levels of 1.0500–1.0327.

Scenario

  • Timeframe

    Weekly

  • Recommendation

    BUY

  • Entry Point

    1.0939

  • Take Profit

    1.1170, 1.1241

  • Stop Loss

    1.0768

  • Key Levels

    1.0327, 1.0500, 1.0768, 1.1170, 1.1241

Alternative scenario

  • Timeframe

    Weekly

  • Recommendation

    SELL STOP

  • Entry Point

    1.0765

  • Take Profit

    1.0500, 1.0327

  • Stop Loss

    1.0855

  • Key Levels

    1.0327, 1.0500, 1.0768, 1.1170, 1.1241

Tifia trading account

Open

EUR/USD forecast for today.