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 first wave of the lower level i of 1 formed, and a local correction developed as the wave ii of 1. Now, the formation of the third wave iii of 1 has started. 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 1.1082
Take Profit 1.1176, 1.1252
Stop Loss 1.1020
Key Levels 1.0750, 1.0800, 1.0981, 1.1176, 1.1252

Alternative scenario

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