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 third wave iii of 1 forms. Now, the local correction of the lower level (ii) of iii has ended, and the wave (iii) of iii is developing. If the assumption is correct, the pair will grow to the levels of 1.1252–1.1337. In this scenario, critical stop loss level is 1.1102.

Main scenario

Long positions will become relevant during the correction, above the level of 1.1102 with the targets at 1.1252–1.1337. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.1102 will let the pair go down to the levels of 1.0983–1.0880.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.1170
Take Profit 1.1252, 1.1337
Stop Loss 1.1102
Key Levels 1.0880, 1.0983, 1.1102, 1.1252, 1.1337

Alternative scenario

Recommendation SELL STOP
Entry Point 1.1095
Take Profit 1.0983, 1.0880
Stop Loss 1.1155
Key Levels 1.0880, 1.0983, 1.1102, 1.1252, 1.1337