EUR/USD Wave Analysis/Forecast: 02.02–02.09
Mayzus | Feb 02, 2018 09:05AM ET
Estimated EUR/USD pivot point is at a level of 1.2540.
Main scenario: short positions will be relevant below the level of 1.2540 with a target of 1.2340 – 1.2220.
Alternative scenario: Breakout and consolidation above the level of 1.2540 will allow the pair to continue the rise up to the levels of 1.2650 – 1.2700.
Analysis: Supposedly, the fifth wave 5 continues forming within the first wave 1 of senior level within the 4-hour time frame. Apparently, the third wave iii of 5 of junior level has been formed and a downward correction is developing now in the form of the wave iv of 5. If the presumption is correct, the pair will continue to drop to the levels 1.2340 – 1.2220. The level of 1.2540 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels 1.2650 – 1.2700.
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