Sage Investment Club

Main scenario: consider long positions from corrections above the level of 1.0480 with a target of 1.1020 – 1.1300.

Alternative scenario: breakout and consolidation below the level of 1.0480 will allow the pair to continue declining to the levels of 1.0240 – 1.0114.

Analysis: a bearish wave of larger degree A is presumably completed on the daily chart, with the fifth wave (5) of А formed as its part. Apparently, an ascending wave B started developing on the H4 chart, with the first counter-trend wave of smaller degree 1 of (A) of B forming as its part. H1 chart: apparently, wave iii of 1 is formed, a local correction is completed as wave iv of 1, and wave v of 1 is unfolding. If the presumption is correct, the pair will continue to rise to the levels of 1.1020 – 1.1300. The level of 1.0480 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0240 – 1.0114.

Price chart of EURUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

Rate this article:

{{value}} ( {{count}} {{title}} )

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *