EUR/USD Wave Analysis, Forecast: 04.05.2018–11.05.2018

The pair EUR/USD is still likely to fall.

Estimated pivot point is at a level of 1.2209.

Main scenario: short positions will be relevant from corrections below the level of 1.2209 with a target of 1.1700.

Alternative scenario:breakout and consolidation above the level of 1.2209 will allow the pair to continue rising to a level of 1.2555.

Analysis: An ascending impetus in a form of the wave (1) of senior level is supposed to have finished forming within the daily time frame. A downward correction (2) has supposedly started forming. Apparently, the wave A of (2) is developing at the moment, with the third wave of junior level iii of A forming inside. If the assumption is correct, the pair will continue falling to the level of 1.1700 or lower. The level 1.2209 is critical in this scenario.

4-Hour EUR/USD

Daily EUR/USD

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