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EUR/USD: wave analysis

FX:EURUSD   Euro / U.S. Dollar
The pair can decrease within the correction.

On the 4-hour chart, the upward trend is developing within the first wave (1) of the higher level. Now the fifth wave of the lower level v of 5 of (1), within which the downward correction is developing as a fourth wave (iv) of v, is forming. If the assumption is correct, the pair will fall to the level of 1.2135. The level of 1.2346 is critical for this scenario.

Main scenario

Short positions will become relevant below the level of 1.2346 with the target at 1.2135.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.2346 will let the pair grow to the level of 1.2480.

Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2312
Take Profit 1.2135
Stop Loss 1.2375
Key Levels 1.2135, 1.2346, 1.2480
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2350
Take Profit 1.2480
Stop Loss 1.2290
Key Levels 1.2135, 1.2346, 1.2480
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